The Collaborative International Dictionary of English v.0.48:

Carouse \Ca*rouse"\ (k[.a]*rouz"), n. [F. carrousse, earlier
   carous, fr. G. garaus finishing stroke, the entire emptying
   of the cup in drinking a health; gar entirely + aus out. See
   Yare, and Out.]
   1. A large draught of liquor. [Obs.] "A full carouse of
      sack." --Sir J. Davies.
      [1913 Webster]

            Drink carouses to the next day's fate. --Shak.
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   2. A drinking match; a carousal.
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            The early feast and late carouse.     --Pope.
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The Collaborative International Dictionary of English v.0.48:

Carouse \Ca*rouse"\, v. i. [imp. & p. p. Caroused; p. pr. &
   vb. n. Carousing.]
   To drink deeply or freely in compliment; to take part in a
   carousal; to engage in drunken revels.
   [1913 Webster]

         He had been aboard, carousing to his mates. --Shak.
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The Collaborative International Dictionary of English v.0.48:

Carouse \Ca*rouse"\ v. t.
   To drink up; to drain; to drink freely or jovially. [Archaic]
   [1913 Webster]

         Guests carouse the sparkling tears of the rich grape.
                                                  --Denham.
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         Egypt's wanton queen,
         Carousing gems, herself dissolved in love. --Young.
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WordNet (r) 3.0 (2006):

carouse
    n 1: revelry in drinking; a merry drinking party [syn:
         carouse, carousal, bender, toot, booze-up]
    v 1: engage in boisterous, drunken merrymaking; "They were out
         carousing last night" [syn: carouse, roister, riot]

Moby Thesaurus II by Grady Ward, 1.0:

83 Moby Thesaurus words for "carouse":
   bacchanal, bacchanalia, bacchanalian, bat, bender, binge, booze,
   boozer, bout, brannigan, bust, carousal, celebrate, celebration,
   compotation, create a disturbance, create a riot, cut loose,
   debauch, debauchery, debauchment, dissipate, dissipation,
   drinking bout, drunk, drunken carousal, escapade, fling,
   free living, frolic, go berserk, guzzle, hell, hell around,
   high living, jag, jollify, jolly, killing pace, lark, let go,
   let loose, let off steam, licentiousness, live hard,
   make a commotion, make an ado, make merry, make trouble,
   make whoopee, not, orgy, party, ploy, plunge into dissipation,
   potation, pub-crawl, raise a ruckus, raise a rumpus, raise a storm,
   raise hell, randan, randy, revel, riot, riotous living, roil,
   roister, run amok, run riot, run wild, saturnalia, see life,
   skylark, spree, step out, symposium, tear, toot, wanton, wassail,
   whoop it up, wingding