So at the wedding we went to - the one with the guy who looked more like a paparazzi than a wedding guest - there were four toasts. I have to say that I was a littler worried that they would take forever because all four people - the groom's brother and best friend and two friends of the bride - all got up at the same time and spoke one after the other but each kept it short and sweet - no longer than 5 minutes each - and they were all great toasts.
They told funny anecdotes about the couple. The older brother joked about how he would abuse his younger brother when they were kids, the groom's friend told a few quick and funny things about stupid things the groom had done over the years. And for the bride, both women shared stories of how they met her in college and what she had told them about the groom when she first met him. One of which his friends will never let him forget.
It's important to keep wedding toasts/speeches short but also light and friendly. Add a joke or two, tell the couple you wish all the best and then raise a glass for all the guests to toast the couple with you.
Don't bring up past relationships - one father of the bride mentioned the bride's ex during his toast at a wedding we went to a few years back, never a good sign - and don't ramble. Prepare your remarks or make some notes so you have a guide as to what you want to say.
And if you've had a few drinks to get rid of nerves, remember that a drunk toast maker is probably not going to make a great toast, so keep the cocktails to a minimum until after you've toasted the couple.