"Look carefully then how you walk, not as unwise but as wise, making the best use of the time, because the days are evil. Therefore do not be foolish, but understand what the will of the Lord is. And do not get drunk with wine, for that is debauchery, but be filled with the Spirit, addressing one another in psalms and hymns and spiritual songs, singing and making melody to the Lord with all your heart, giving thanks always and for everything to God the Father in the name of our Lord Jesus Christ, submitting to one another out of reverence for Christ. [ESV]"
Right before this passage it says, "...when anything exposed by the light...becomes visible, for anything that becomes visible is light. Therefore it says, 'Awake, O sleeper, and arise from the dead, and Christ will shine on you.'" [5:13-14 ESV]
So then, because of this light that has shone; we must look carefully at how we walk. Redeem the time [Eph 5:16 KJV]! How??
(1) Don't be foolish, but understand what the will of the Lord is.
(2) Don't be drunk, but be filled with the Spirit(a) addressing one another in psalms hymns and spiritual songs
(b) singing and making melody to the Lord with all your heart
(c) Give thanks always for everything to God the Father in the name of your Lord Jesus Christ.
(3) Submit to one another out of reverence for Christ.
I don't this is saying, "DON'T EVER HAVE FUN." I do think that this passage is giving us a good dose of sobriety in the Spirit that we don't take things nearly as seriously as we ought.
Brothers and sisters in Christ. Let us redeem the time today, for the days are evil. Life is a vapor (James 4:14)!
"Praise God from whom all blessings flow. Praise Him all creatures here below. Praise Him above ye heavenly hosts. Praise Father, Son, and Holy Ghost. Amen"