krachen
to crack
To make a loud, short, and often splintering sound that occurs when hard objects break, collide, or strike something.
Plötzlich krachte ein Ast und fiel auf die Straße.
Suddenly, a branch cracked and fell onto the road.

to crash / crack
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to crack
To make a loud, short, and often splintering sound that occurs when hard objects break, collide, or strike something.
Plötzlich krachte ein Ast und fiel auf die Straße.
Suddenly, a branch cracked and fell onto the road.

The perfect tense of 'krachen' (to crash/crack) is formed with 'haben' (to have) or 'sein' (to be). 'Haben' is used when it is only about the sound. 'Sein' is used when movement or an accident is being described.
Der Donner hat laut gekracht.
The thunder cracked loudly.
When 'krachen' (to crash) describes a collision, it is often followed by a preposition that indicates direction. Typical constructions are 'gegen etwas (Akkusativ) krachen' (to crash into something) or 'in etwas (Akkusativ) krachen' (to crash into something).
Der Lastwagen ist gegen einen Baum gekracht.
The truck crashed into a tree.
The colloquial idiom 'es krachen lassen' means 'to party hard' or 'to let loose.' The structure is fixed: a person (subject) 'lässt es krachen' (parties hard/lets loose).
Zu Silvester haben wir es richtig krachen lassen.
On New Year's Eve, we really partied hard.
The meaning 'to argue fiercely' is colloquial. It is often used to describe a conflict between two or more people. Sometimes the preposition 'zwischen' (between) is used.
Gestern hat es zwischen den Nachbarn wieder ordentlich gekracht.
Yesterday, the neighbors clashed again pretty badly.
to celebrate
'feiern' and 'es krachen lassen' can both mean that people enjoy an occasion or a party together. 'feiern' is neutral and fits birthdays, festivals, successes, or holidays. 'Es krachen lassen' is colloquial and sounds stronger: people celebrate loudly, exuberantly, and maybe also a bit wildly. In normal or formal situations, 'feiern' is more natural. 'Es krachen lassen' is more suitable among friends or when you want to emphasize that the party will be especially lively.

Nach der letzten Prüfung lassen die Studierenden es richtig krachen.
After the last exam, the students really party hard.
Am Samstag feiern wir den Geburtstag meiner Schwester.
On Saturday, we're celebrating my sister's birthday.