The one night of the year when getting drunk and making a fool of yourself is not optional, but in fact mandatory.

A night when groups of adults get drunk and use explosives when intoxicated. In some cultures they melt metal objects to artefacts.

The night before the first hangover of a new calendar year.

As good a time as any to go to jail.

The day before the new year. No one really gives two shits about it being a new year, but it's a good excuse to get pissed/laid so who's complaining.

a time to get drunk and laid and not remember what happened afterwards

1) The eve/night of December 31st, in which many people celebrate by counting down the hours untill January 1st.
2) A good excuse for bubblyandkisses.
3)A time to contemplate the age of Dick Clark