
ausrasten
to freak out
Colloquial for losing control and having a sudden, intense fit of anger.
Als er merkte, dass sein Fahrrad gestohlen wurde, ist er komplett ausgerastet.
When he realized that his bike had been stolen, he completely freaked out.
to freak out / disengage
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to freak out
Colloquial for losing control and having a sudden, intense fit of anger.
Als er merkte, dass sein Fahrrad gestohlen wurde, ist er komplett ausgerastet.
When he realized that his bike had been stolen, he completely freaked out.

to disengage
In technology, the release of a lock or connection so that a component springs out of its engaged position.
Durch die starke Vibration ist der Sicherheitsriegel ausgerastet.
Because of the strong vibration, the safety latch disengaged.
'Ausrasten' (to freak out/disengage) is a separable verb. The prefix 'aus-' goes at the end in a main clause. In subordinate clauses or in the perfect tense, the verb stays together.
Wegen einer Kleinigkeit rastete er plötzlich aus.
He suddenly freaked out over a small thing.
The verb comes from 'rasten' in the sense of 'einrasten' (to click into place/engage). 'Ausrasten' is the opposite: something comes loose from its fixed position. Figuratively, it means that a person loses their (mental) composure.
Als der Hebel ausrastete, stoppte die Maschine sofort.
When the lever disengaged, the machine stopped immediately.
The perfect tense of 'ausrasten' is always formed with 'sein', since it describes a sudden change of state. So it is always 'ich bin ausgerastet' (I freaked out / I disengaged), not 'ich habe ausgerastet'.
Sie ist gestern im Büro komplett ausgerastet.
She completely freaked out at the office yesterday.
In the meaning 'to get angry', 'ausrasten' is a very colloquial word. In formal or written contexts, you would use other expressions.
Sag ihm die Wahrheit, aber pass auf, dass er nicht gleich wieder ausrastet.
Tell him the truth, but be careful that he doesn't freak out again right away.
to forget
Both expressions can describe a loss of self-control. Sich vergessen sounds elevated and emphasizes that someone behaves inappropriately. Ausrasten is colloquial and emphasizes a sudden, intense fit of anger.

Im Streit rastete er plötzlich aus und schrie seinen Kollegen an.
During the argument, he suddenly freaked out and shouted at his colleague.
Im Streit vergaß er sich und beleidigte seinen Kollegen.
During the argument, he lost control and insulted his colleague.