Green’s Dictionary of Slang

rage v.

[SE rage/rage n.]
(Aus./N.Z./US campus)

1. to live hedonistically, do something well.

(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].
[US]Eble Campus Sl. Mar. 5: rage – successfully and satisfactorily complete an action: Let’s rage on these sprints. Synonyms: dominate, blow away, jam.
[US]J. Doyle College Sl. Dict. 🌐 rage [UCSB] party to excess.
[US]Eble Campus Sl. Apr. 8: rage – do something well.
[Aus]R.G. Barrett White Shoes 52: We’ll go downstairs and rage it off. It starts to kick on about now.
[Aus]L. Redhead Rubdown [ebook] The daughter of which William Street lawyer [...] is raging way too hard.
[UK]Guardian 3 Aug. 🌐 These events are all about raging hard, getting as fucked up as you can.
[US]M. Lacher On the Bro’d 249: [L]ong ago their parents had raged and been wild.

2. to look fashionable.

[US] P. Munro Sl. U.

3. to have sexual intercourse.

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