A usually non-alcoholic drink consisting of half iced tea and half lemonade. (Some recipes call for adding vodka.)
In the southeastern US, you can also usually order this as tea and lemonade without explaining that you want it in one glass, not two.
Arnold Palmer has said, through his personal assistant, that he believes his name became associated with the tea and lemonade mix about 30 years ago when he asked for it at a Palm Springs restaurant during a tournament. He made it his regular order, and the drink ended up being named for him.
I like it because I do like my iced tea lemony, but only half-sweet. You get some caffeine, but not too much, some quick sugar energy, but not too much, and even a bit of health-giving fruit. Mainly, though, I like it for its taste.
SOURCES:
"The Beat", Denver Rocky Mountain News, August 14, 2002, p. 2D
Brown, Ann. "Word of the Week", Arizona Daily Star, April 26, 2002, p. F9