The Collaborative International Dictionary of English v.0.48:

Revel \Rev"el\, v. i. [imp. & p. p. Reveledor Revelled; p.
   pr. & vb. n. Reveling or Revelling.] [OF. reveler to
   revolt, rebel, make merry, fr. L. rebellare. See Rebel.]
   1. To feast in a riotous manner; to carouse; to act the
      bacchanalian; to make merry. --Shak.
      [1913 Webster]

   2. To move playfully; to indulge without restraint. "Where
      joy most revels." --Shak.
      [1913 Webster]