Alchemy is a tradeskill in Land of the Rair, defined by it’s ability to combine materials and create useful potions, foods, and drinks. To open the alchemy window, head to any alchemist and say
alc, alchemy. You will be able to combine anything you think would make a valid result (up to 8 items at a time).
The Alchemist will also teach you alchemy if you tell him
learn. He will instruct you to get a slice of bread and a glass of water and alchemize them.