Out of curiosity, this is what I found...
Acronym-wise, In 2002 the American senate created the Reducing Americans Vulnerability to Ecstasy act (RAVE act). Which, by all means would be the closet acronym to actually make sense (out of the 9 found on [ acronymfinder.com ] Although there's one problem with this, raves started in the UK at about the same time as they did in california--So that's one state agaisnt a country, and raves are more popular in europe than they are in "America" so why would this word be all about Bush's nation?
Raves appeared in the mid 80s under the name of Rave-ups but they shortenned out the word to make it easier and more accessible.
So from the look of it, rave would simply be a word in itself, also meaning things like : a person or thing that inspires intense and widely shared enthusiasm--now isn't that the spirit of a rave party?