The idea for a lampoon was conceived by several Army officers one night at the Army-Navy Club in Manila.

The carabao referred to in the organization's name is a domesticated water buffalo used as a beast of labor in the Philippines.

At each annual Wallow, the incoming Grand Paramount Carabao promises to "keep the herd well-wetted down."

Members perform semi-professional musical skits at the Wallow that often poke fun at national and international issues as well as current events.

It is not uncommon for the Carabao players to spoof the high-ranking guests seated at the Head Table.