Changed into a verb from caravan, it means to go on holiday in a caravan. It is probably one of the worst past-times known to man as fun activities include things such as emptying your excrement from the caravan or setting fire to your caravan and others by causing a chip-pan fire.
"What're you doing for the holidays?"
"We're going caravaning."
"Oh man... You have my prayers."
A small party carried out in a small place, for instance a caravan, in which a lot of alcohol will be consumed, and generally both inanimate objects and livers are broken. These usually happen on a fairly frequent basis once a venue is found, and continue until said venue is completely destroyed.
Man, I went caravaning last night and ended up in a pool of my own sick in my mates backyard, it was fucking crazy...