The Online Etymology Dictionary suggests that the name originated around 1898 and probably derives from ball meaning a "drink of whiskey" and high because it is served in a tall glass.
Two street-stock cars (both with AMC 5.0 L V8 and four-speed transmission) were supplied to "Team Highball" for Group One race modifications less than three weeks before a transport ship would sail to Europe.
The Moloko Plus, also called Knifey Moloko is a highball cocktail drink from the book A Clockwork Orange.