After winning an argument with a stunning comeback, a touche raisé is the act of raising your cup or glass to symbolise that you have won, usually accompanied with a smug expression
Larry David: (stops Conan in mid conversation) Is this my water?
Conan: You can have done that as I was talking
Larry: I could of b..
Conan: You didn't have to say WAIT WAIT WAIT
A lot of guests reach over as Conan is talking
Larry: How could I know that it's my first time on the tonight show
Conan: And your last (Conan lifts up his cup and performs the touché raise)