What exactly is laudanum?

After half a Percoset tablet and some tea, I became curious about all the alkaloids present in opium poppies. I remembered laudanum from "Oregon Trail" and also from Edgar Alan Poe, and wanted to know how one concots such a thing. I looked it up:

Laudanum
Tincture of opium.

Usually a liquid, but the alcoholic extract can be subsequently dried as well.

Preparation instructions from Culpeper's Complete Herbal, 1653:
Take of Thebane Opium extracted in spirit of Wine, one ounce, Saffron alike extracted, a dram and an half, Castorium one dram: let them be taken in tincture of half an ounce of species Diambræ newly made in spirit of Wine, add to them Ambergris, Musk, of each six grains, oil of Nutmegs ten drops, evaporate the moisture away in a bath, and leave the mass.
(lycaeum.com)

I'll get right on that, drams and all...