Paint the Town Red

Meaning:
To go for an enjoyable night out.

Example:
Let’s go dancing tonight and paint the town red!

Did you know?
This phrase was said to have originated in 1837, when the Marquis of Waterford and a group of friends painted several buildings red in a spate of merry-making.

Reference: http://www.phrases.org.uk/meanings/paint-the-town-red.html