Extravagant praise for dance party (4)

I believe the answer is:

rave

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This might be a double definition.

'extravagant praise' is the first definition.
'rave' can be an answer for 'praise' (thesaurus). I'm unsure of the 'extravagant' bit.

'dance party' is the second definition.
(rave is a type of dance event)

'for' is the link.

Can you help me to learn more?

(Other definitions for rave that I've seen before include "Laudatory sort of review - quite a rant" , "Talk wildly and irrationally" , "modern dance music" , "Enthusiastically favourable review" , "Wild party; go mad" .)

I've seen this clue in The Everyman puzzle in The Observer.

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