To party hard, to go on a binge, to paint the town red. Derived from the old Slavic root кутать (originally meaning to stir up, mix, or wrap up, which figuratively shifted to stirring up trouble or wild carousing). In everyday speech, it is a classic, somewhat old-school but still widely used verb that describes throwing a massive, lively party, spending lots of money, and drinking heavily over a period of time (они всю ночь кутили в ресторане — “they were partying hard in the restaurant all night long”).
Нельзя летом скучать, летом нужно кутить.
You should not get bored in the summertime, summer’s there to party.
(genakobets @ ЖЖ, 07/2010)
