Usually refers to executing dangerous and, most of the time, illegal actions in order to get an adrenaline high. The goal of raging it is usually to get the cops called on you and whoever you are raging it with.
Dude, it's midnight and I'm not sleeping. Lets go rage it.
When the police asked why the high schoolers were roof-jumping in the middle of town, they replied, "we were raging it!"
The process of losing control of your body and mind for a period of time usually caused by taking a substance or drinking alcohol. This process is almost always accompanied by some sort of electronic music, most prevalently sick ass womp music (aka dubstep). Side effects may include memory loss, illegitimate children, destruction of property,and mutilation of and defecation on phonebooks.
Man, no one got arrested last night and nothing is messed up...dammit we didn't rage hard enough
What are you doing tonight then?