A party in which people dress crazy, go crazy, smoke crazy things, drink a lot.
To sail. Sailing is when you get drunk off of Sailor Jerrys rum, and when you drink classy shit like Mikes Hard and Stella. Sailing is the shit.
To rave: To have a fucking good time.
Yo, I had a raving good time last night sailing with the bros.
Yo, last night, was amazing, I was so raved out.
Dude, we are definitely raving tonight.