An all-night strobe light filled celebration of the life of a lost one. Frequently funeraves include cheesy yet somber (see terrorcore) trance music, glow sticks, black clothing (which sets the somber tone of the evening by not reacting so vividly to black lights), refreshments, a eulogy delivered by Armin Van Buuren, and the various array of substances that may have contributed to the (untimely) demise of the person being mourned.
Ralph: Hey Megan. Are you going to church at 5:00?
Megan: No, I went to a funerave last night and fufilled my Sunday obligation. After hearing something from the Gospel of Mark and Psalm 23, the X started flowing. They were in the shape of caskets! It was so sad, and totttally ballin' outta control.