The Collaborative International Dictionary of English v.0.48:

Racket \Rack"et\, v. i. [imp. & p. p. Racketed; p. pr. & vb.
   n. Racketing.]
   1. To make a confused noise or racket.
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   2. To engage in noisy sport; to frolic. --Sterne.
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   3. To carouse or engage in dissipation. [Slang]
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