Refers to a ceremony performed on a variety of occasions, such as:
(1) When someone remembers to "bring in the old device" (i.e., battery, starter,
alternator, etc.) to exchange at an auto-parts store and thus avoid the core-charge when purchasing a new one (in this instance, it is often spelled "coreonation").
(2) When someone receives a promotion, gets married, etc, and so everyone present cracks open da ol' lime-wedge-spiked bottles of Corona Lite.
(3) A trepidatious "newbie" welder has managed to strike his first arc, and so everyone around him is having an
impromptu celebration of the lovely brilliant-blue "corona" that he successfully created.