Comic celebration (5)
I believe the answer is:
beano
I believe this clue is a double definition.
'comic' is the first definition.
(The Beano)
'celebration' is the second definition.
(I've seen this before)
(Other definitions for beano that I've seen before include "Function" , "Informal party" , "Enjoyable party" , "binge" , "Rowdy jollification" .)