Make fun of one's peers (5)

I believe the answer is:

spree

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'make fun' is the definition.
The answer and definition can be both acts as well as being singular nouns.
Perhaps there's a link between them I don't understand?

'one's peers' is the wordplay.
'peers' can be anagrammed to 'SPREE'.
However, I'm not sure how this is indicated.

'of' acts as a link.

Can you help me to learn more?

(Other definitions for spree that I've seen before include "Splurge" , "Session of over-indulgence" , "Binge" , "Period of extravagance or excess" , "Revel" .)

I've seen this clue in The Globe and Mail.

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