celebrate vs racket

celebrate is not a noun while racket is a noun.

Word	Noun	Adjective	Verb	Adverb
celebrate	No	No	Yes	No
racket	Yes	No	Yes	No

As verbs, racket is a hyponym of celebrate; that is, racket is a word with a more specific, narrower meaning than celebrate:

celebrate: have a celebration
racket: celebrate noisily, often indulging in drinking; engage in uproarious festivities

Other hyponyms of celebrate include jubilate, jollify, make happy, make merry, make whoopee, revel, wassail, whoop it up, party, receive.

celebrate (noun)	racket (noun)
	an illegal enterprise (such as extortion or fraud or drug peddling or prostitution) carried on for profit
	a sports implement (usually consisting of a handle and an oval frame with a tightly interlaced network of strings) used to strike a ball (or shuttlecock) in various games
	the auditory experience of sound that lacks musical quality; sound that is a disagreeable auditory experience
	a loud and disturbing noise

celebrate (verb)	racket (verb)
have a celebration	hit (a ball) with a racket
behave as expected during of holidays or rites	make loud and annoying noises
assign great social importance to	celebrate noisily, often indulging in drinking; engage in uproarious festivities