Celebrate wildly (5,3,4,3)
I think it could be either:
paint the town red
(Other definitions for paint the town red that I've seen before include "Go on a pub crawl" , "enjoy celebration" , "Celebrate" , "get rid of the blues?" .)
(Other definitions for go bananas that I've seen before include "Lose one's cool" , "Be extremely excited" , "Flip one's lid (sl.)" , "become very angry" , "Get very annoyed" .)