To speak or to play a piece of music without preparation;
as, Most of his speech was ad-libbed.
Latin ad libitum (at one's pleasure).

Also, when capitalised (Ad-Lib) the name of an ancient standard in computer music, which is pre-Sound Blaster. This died a death when Windoze came along, with it's Windows Sound System which is probably the only Good Thing that Microsoft ever came up with.

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