The act of playing an Air Guitar to music in front of an audience. This can be seen as amateur or professional, depending on the setting. It requires no formal musical training to perform, but does require that the person imbibe alcoholic beverages prior to making it to the stage.
Dewd, lets get some beers and play some Airaoke tonight.
When you know you are a terrible singer, so you pretend to sing along, but no sound is coming out. Much like playing the air guitar.
"We killed at airaoke last night! We got a standing O!"
"Lets belt out some airaoke into our beer bottles"