Constant excitement and drinking (8)
I believe the answer is:
carousal
'drinking' is the definition.
(a drunken feast)
'constant excitement' is the wordplay.
'constant' becomes 'c' (mathematical abbreviation).
'excitement' becomes 'arousal' (I've seen this in another clue).
'c'+'arousal'='CAROUSAL'
'and' acts as a link.
(Other definitions for carousal that I've seen before include "Revels" , "A drink-and-be-merry session" , "Merry drinking party" , "Drunken party" , "Lively drinking party" .)