Noisy celebration (8)
(Other definitions for carousal that I've seen before include "rave" , "Drunken party" , "Revels" , "Lively drinking party" , "Merry drinking party" .)
(Other definitions for revel that I've seen before include "Celebrate with a lever, strangely" , "Spree" , "Paint the town red" , "Be festive, enjoy" , "party" .)