To keep this thread going, I decided to post my Sazerac recipe which happens to be pretty similar to Morphsci's.
Sazerac:
2 ounces of Rye (I usually use Sazerac 6yr)
Absinthe (I have been using St. George)
2 dashes Peychaud's bitters
2 dashes Angostura bitters
1/4 ounces of simple syrup (1:1 sugar to water)
2 large ice cubes
lemon peel
In a medium sized glass, simple sugar, bitters, rye and ice cubes. Stir until chilled. In another glass (small old fashioned or something similar), pour a small amount of absinthe and swirl to coat the inside and bottom. (You are supposed to dump out the excess but I usually don't as long as I don't pour too much). Strain rye mixture into glass, twist lemon peel over drink (add peel to the drink if you so desire). Enjoy!