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1.
To participate in an evening of debaucherous celebration, often involving bar hopping and tail chasing. Usually applies to males only.

Often, "paint the town white," is used to express a hyperbolic covering of a large area with semen. This conveys the message of extreme debauchery.
"Can't wait for you to come back, bro. We'll head down to Hermosa and paint it white."
by Dingo727 August 06, 2006