The word means "goodbye to meat". In the US we celebrate it as Fat Tuesday (Mardi Gras)--the last hurrah before 40 days of sacrifice during Lent. "Fat" because you're supposed to eat lots of fat before you give it up for the Lord.
Fat Tuesday is a holiday that has everything. One day known for fried food, rowdiness, and bare boobs. What's not to love?! ;)
I love this painting. Take a look, and enjoy your fat (and boobs)!
Venetian Carnevale II, by Lenonardo Ruggieri