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.
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            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.
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         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]
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         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]