Green’s Dictionary of Slang

1. to have a great time, do something well.

1980		(ref. to 1970s+) National Times 12 Jan. 1: The New Rage. [...] ‘Raging’ is a slang term for having a good time. It has been used among Australian youth for nearly a decade. Raging has meant letting go of one’s ordinary identity and all the cares, restraints and boredom that ordinariness entails [GAW4].
1984		Eble Campus Sl. Mar. 5: rage – successfully and satisfactorily complete an action: Let’s rage on these sprints. Synonyms: dominate, blow away, jam.
1989		J. Doyle College Sl. Dict. 🌐 rage [UCSB] party to excess.
1995		Eble Campus Sl. Apr. 8: rage – do something well.
1992		R.G. Barrett White Shoes 52: We’ll go downstairs and rage it off. It starts to kick on about now.
2005		L. Redhead Rubdown [ebook] The daughter of which William Street lawyer [...] is raging way too hard.
2012		Guardian 3 Aug. 🌐 These events are all about raging hard, getting as fucked up as you can.

2. to look fashionable.

1989

P. Munro Sl. U.

3. to have sexual intercourse.

1992		Eble Campus Sl. Apr.
1996		Eble Sl. and Sociability 71: ‘To have sex’ is to rage or do the wild thing.