2. To have a damn good time and/or to rave your nut off.
Supposedly created to be used with the recent nu rave music and fasion trend, but actually the term originated from true ravers in NYC and London who follow drum n bass, jungle and/or techno (not the Klaxons, New Young Pony Club or other overyped crap.) Also pronounced a'live'.
2. This party is freekin' live!!!