Turn back lever and have a great time (5)

I believe the answer is:

revel

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'have a great time' is the definition.
Although both the answer and definition are singular nouns, I don't understand how they can define each other.

'turn back lever' is the wordplay.
'turn back' is a reversal indicator.
'lever' in reverse letter order is 'REVEL'.

'and' is the link.

Can you help me to learn more?

(Other definitions for revel that I've seen before include "Take part in lively and noisy festivities" , "Make merry; luxuriate (in)" , "Celebrate noisily" , "party" , "Have noisy fun" .)

I've seen this clue in the Sydney Morning Herald.

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