WWWJDIC defines it as this:
どんちゃん騒ぎ【さわ】 (n) merrymaking; high jinks; spree
観光客は町中飲み歩いてどんちゃん騒ぎをした。 The tourists painted the whole town red
What is the etymology of this word? Is it in common usage?
Take a look at http://gogen-allguide.com/to/donchansawagi.html
In summary, どんちゃん is the sound of drums and gongs accompanying a battle scene in Japanese classical drama.