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(verb) Palance is a Trinidadian dialect term which means 'to party and have fun'. It is closely related to the term 'lime' but, unlike a lime which involves [hanging out] with friends, palancing involves having extreme fun (most typically in a party setting) and can be done on one's own, or with friends as well. The term, though gaining major [popularity] during the 2010 Carnival due to the song of the same name (by JW and Blaze), has been around for a long time. The term reportedly was created by the radio DJs JW and Blaze a few years ago and used on their radio programmes. JW has said that the term [originated] based partially on use/meaning of the word parlance.
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