paint the town red...Guru dictionary:Originally Posted by Unregistered
Go on a spree, as in Whenever they go to New York they want to paint the town red. The precise allusion of this term is disputed. Some believe it refers to setting something on fire; others point to a vague association of the color red with violence. [Late 1800s]
Also, look at:
The origins of that phrase are said to be unknown. The way I look at this is that whenever a bunch of women get together on a shopping spree, they will soon be maxed out on all their credit cards, lines of credit, etc. and obviously they will all end up...IN THE RED. That's all I can think about.