The Pisco-Nasca area is famous for wine cultivating. Their more expensive vintages compare favorably against Chilean imports. Beer is nice, stronger than American brands but less full bodied than European ones. Most of Peruvian beers are made by Backus, currently owned by SAB Miller.
When drinking at bars and/or restaurants, be aware that Peruvian "Happy Hour" is a little different than in most countries. Prices for drinks will usually be posted on the walls and be a little cheaper than normal. The real differences is that you will be served 2 drinks, instead of one, for the listed price -- giving a new meaning to the term "half price." This can be a great way to save money (if you are traveling with a group) or to meet locals (if you are traveling alone). It can also lead you to get completely falling-down-drunk by accident, so be careful.
Caliente is a hot alcoholic drink served during celebrations in Andean towns such as Tarma. Its basically a herbal tea with white rum for that added kick.
Chicha de Jora, A cheap traditional alcoholic drink made from corn that is fermented and rather high in alcohol content for a non-distilled beverage. Not normally available at formal restaurants and quite uncommon in Lima outside of residential areas. Places that sell chicha have a long stick with a brightly-colored plastic bag on it propped up outside their door.
Chicha morada, not to be confused with the previous one, is a soft drink made from boiled purple corn, with sugar and spices added (not a soda). Quite refreshing, it is widely available and very recommendable. Normally Peruvian cuisine restaurants will have their freshly made supply as part of the menu; it is also available from street vendors or diners, but take care with the water. Bottled or canned chicha morada is made from concentrates and not as pleasant as freshly-boiled chicha.
Coca Tea or Mate de Coca, a tea made from the leaves of the coca plant. It is legal to drink this tea in Peru. It is great for adjusting to the altitude or after a heavy meal. It may be found cold but normally is served hot.
You can find many places that serve fresh fruit drinks. Peru has a wide variety of fruits since its natural variety, so if you get a good "jugueria" you will have lots of options to choose from.
The Peruvian amazon cities offer some typical drinks too as: masato, chuchuhuasi, hidromiel and others.
Coffee. Peru is the world's largest producer of organic coffee. Ask for 'cafe pasado', the essence produced by pouring boiling hot water over fresh ground coffee from places like Chanchamayo.
All of Peru's wines are inexpensive. Tacama, Ocucaje and Santiago Queirolo branded wines are the most reliable.
Emoliente. Another popular drink in Peru, often sold in the streets by vendors for 50 centimos. Served hot, its flavor is best described as a thick, viscous tea, but surprisingly refreshing - depending on what herb and fruit extracts you choose to put into it, of course. Normally the vendor's mix will be good enough if you choose not to say anything, but you're free to select the mix yourself. Normally sold hot, is the usual after-party drink, as a "reconstituyente", but it can be drunk cold too.
Inca KolaThe Peruvian equivalent of Coca Cola in the rest of the world, which was recently purchased by Coca Cola yet retains its unique taste. It is bright yellow and has its own unique flavor.
Pisco Sour. An alcoholic drink with an interesting ingredients list, such as egg whites, that is the main drink in Peru and is available in most places. It is made from Pisco, a Peruvian kind of brandy that is worth a try; it is a strong drink as pisco is over 40° (around 70-80 proof) spirit, and the sweet taste can be deceiving. Since Chile registered the brand Chilean Pisco for commercial purposes in some countries, Peruvian producers decided to defend the denomination of origin(Pisco is a very old city in Peru) by being very strict about the quality standards. Be sure that you will find a very high quality product in any brand of Pisco made in Peru.
Some large towns have their own brand of beer which is hard to get elsewhere in the country. Cusqueña is one of the most popular beers while Cristal is known as the beer of Peru, both can be found nation wide.