The word combines both festival and celebrate in order to describe a formerly unknown level of revelry. Instead of the normal levels of celebration, partying and festivities, this transcends popular convention to ascertain a deity-like level of merriment.
An occasion in which this occurs is known as a festivation.
2. Yo, it's been a shitty week. I'm gonna hit the clubs and festivate so hard in there, I'll get kicked off the strip for life!