What is the correct past participle form used in the context of raising glasses for a toast?

The correct past participle form in the context of raising glasses for a toast is "raised." In English, the verb "to raise" means to lift or elevate something to a higher position, and its past participle form is "raised." This form is used with auxiliary verbs such as "have" or "had" to indicate actions that have been completed in the past.

In the phrase "we have raised our glasses," the use of "raised" correctly conveys that the action of lifting the glasses has occurred. This form fits perfectly in both formal and informal contexts where toasting is involved.

The other options do not function as past participles of the verb "to raise," which is key to the context of the question asking specifically for that grammatical form. "Rose" is the past tense of "to rise," which refers to moving upward or increasing, but does not apply to the action of lifting an object like a glass. "Risen" is also a past participle of "to rise," and "arose" is the past tense form of "to arise." However, neither pertains to the act of lifting or toasting with glasses.