Green’s Dictionary of Slang

1. a drinking bout, a spree.

1984

Partridge DSUE (8th edn) 627/2: from ca. 1905.

2. a good time.

1984

Partridge DSUE (8th edn) 627/2: since early 1920s; by 1960, ob.

3. an informal dance, a party.

1927		W.R. Morse ‘Stanford Expressions’ in AS II:6 277: jolly-up — informal dance.
1975		28 Mar. diary in I. Malloy Southie Won’t Go (1986) 93: Easter holiday begins. [...] [W]e go off for a jolly-up faculty party, sparsely attended.