That's largely what most homebrewers who make spirits do. You get 90% ethanol out out of the still, water it down to 40%, and add a bottle of whatever flavour

That's largely what most homebrewers who make spirits do. You get 90% ethanol out out of the still, water it down to 40%, and add a bottle of whatever flavour you want. If you're drinking it neat, it's fairly obvious it's not the real thing, but if you're drinking it with coke or other mixers it's pretty passable, and not a bad deal at less than $5 per litre.