A
celebration, usually held during the
fall football season, when
high schools and
colleges hold
events to
welcome former
students and
alumni who have come back for a visit. Most events usually
revolve around
current students, especially the homecoming
football game, the homecoming
bonfire, homecoming
dances, etc. The alumni might get to go to
dinner together, they might have a dance (playing a lot of old
music that hasn't held up well), they might have a
reception, they'll probably drink more than they should've.
For current students, Homecoming is
Prom, Jr.; for alumni, it's nearly always pure
disappointment.
Addendum: sekicho says homecoming "generally means that the team is coming
home after a series of
away games." Well, I'm not so sure about that. I seem to remember homecomings that directly followed home games. But that may indeed where the custom stems from...