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grandpas old cough medicine 

Booze in general. Usually in something non alcoholic like hot chocolate that he gave to your dad to make him shut up
"Honey, Jimmy is crying again"
"I'll give him some cough medicine"
-grandpas old cough medicine

grandpa's cough medicine 

Another name for an alcoholic beverage of any sort.
"You boys been doin' a little boozin', have ya? Been suckin' back on grandpa's ol' cough medicine?"
-PA state trooper on "Dumb and Dumber"

grandpa's cough medicine 

1) Old man booze, such as Jack Daniels, Jim Beam, or any such corn whiskey or spirits.
2) Jizz, cum, spooge, spunk, man-cream, love juice, ball beverage, nut nectar, well you get the picture
1) I got grounded for a month for sneaking in the basement and drinking grandpa's cough medicine.
2) My girl had the flu, so when she was blowing me, I came in her throat and gave her some of grandpa's cough medicine, and the next morning she was fine.
grandpa's cough medicine by MOUND October 31, 2004