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If you are giving a planned toast at an event, spend a few moments discussing the toast with the bride or groom (in the case of a wedding) or someone closely involved in the planning. Ask them what subjects, if any, they would like you to discuss in particular as well as any subjects they want you to avoid. They can also give you some insight regarding who will be attending the event. You can also express your reservations to the toastee if you would like to participate but are too nervous to do so. Just because you are asked to give a toast does not mean you have to, especially if you suffer from social anxiety. Find out when you will be asked to speak and who will be going directly before you, if there will be a series of toasts. If you are giving a spontaneous toast then you don't need to worry about order and will instead want to look for a good time when you can get everyone's attention. Rehearsal dinner toasts are usually informal with the hosts generally addressing everyone followed by anyone else who wishes to jump in. At a wedding, the best man and maid of honor offer the first toasts followed by the bride and groom. The parents then have a chance followed by any of the guests. At a casual dinner party it is best to wait until the dinner or first course plates are collected before you offer a toast. Short toasts are the best toasts. A wedding toast should last for right around 3 minutes. If you hit 5 minutes, you have gone too long. It is best to keep a dinner party toast at a minute or less. You want to keep your audience curious for more, not begging you to wrap up. Make sure that both the content and how you deliver the toast suits the occasion. It is okay to make a few jokes, but don't include anything too lewd. It's also a good idea to avoid cursing so you don't risk offending random attendees. If you are really worried, run your toast by the bride or groom to gauge their reaction and ask for feedback. It is hard to establish a clear line for lewd humor, but most people find discussing sex or the wedding night to be in poor taste. Toasting practices vary across cultures, so if you are planning on giving a toast at an unfamiliar locale you may want to research the norms beforehand. Even the placement of your glass matters. For instance, in China you try to keep your rim lower than others in order to show deference and respect.

Summary:
Talk to the toastee. Know the speaking order. Understand any time constraints. Be aware of the atmosphere. Know the local customs and etiquette.