Saturnalia involved the conventional sacrifices, a couch (lectisternium) set out in front of the temple of Saturn and the untying of the ropes that bound the statue of Saturn during the rest of the year. A Saturnalicius princeps was elected master of ceremonies for the proceedings. Besides the public rites there were a series of holidays and customs celebrated privately. The celebrations included a school holiday, the making and giving of small presents (saturnalia et sigillaricia) and a special market (sigillaria). Gambling was allowed for all, even slaves; however, although it was officially condoned only during this period, one should not assume that it was rare or much remarked upon during the rest of the year. It was a time to eat, drink, and be merry. The toga was not worn, but rather the synthesis, i.e. colorful, informal "dinner clothes"; and the pileus (freedman's hat) was worn by everyone. Slaves were exempt from punishment, and treated their masters with (a pretense of) disrespect. The slaves celebrated a banquet: before, with, or served by the masters. Yet the reversal of the social order was mostly superficial; the banquet, for example, would often be prepared by the slaves, and they would prepare their masters' dinner as well. It was license within careful boundaries; it reversed the social order without subverting it.[2]
The customary greeting for the occasion is a "Io, Saturnalia!" — Io (pronounced "e-o") being a Latin interjection related to "ho" (as in "Ho, praise to Saturn").
Wikipedia Ho!
