A: How did you spend last night?

B: My friends and I all rang out the old with a wild party at Sarah’s house.

Note: This idiom means “to celebrate the end of a year and usher in the start of a new one” or “to mark a transition between two stages or phases, as one ends and another begins.” The usage perhaps arises from the practice of ringing bells to mark the New Year. For example: This is the last week before the company is taken over by the media giant, so we’re ringing out the old with a huge blowout party.