Named after a certain Curran it is the act of drinking to complete oblivion and doing things which a normal, sober human being would recognise as detremtental to his future standing in the community.
Man I found you last night collapsed outside the chipper, puking all over yourself with your pants undone and one shoe missing.... serious curranage!
Boys who enjoy yaoi (a genre in Japan that contains sexual and/or romantic relations between two men); literally translates to "rotten boy"; corresponding female : fujoshi