Yup! That would be it! Build a big bonfire, let a shit load of fireworks off and invite the neighbours round! :thumbup
When I grew up we had what we called Devil's Night or Hell Night. It's the day before Halloween and was quite tame back then and nothing like it became later on in Detroit.. The usual firecrackers and some light fireworks would get set off but nothing major..
http://en.wikipedia.org/wiki/Devil's_Night