No, freebasing is a (cooking) method to change powder cocaine into something more like crack (freebase and crack are used somewhat interchangeably).
You could probably ‘chase the dragon’ with a crack pipe or smoke crack on tin foil like heroin, but freebasing is how you make what’s referred to as freebase cocaine.
That’s kinda wordy, isn’t it. It would be like saying “toasting is synonym for bread”.
What the (unimaginative) kids in these parts refer to as “chasing the high.” When you’re coming down and want to hit the bong again to climb back on, but no dice–you’re taking a nap. I’ve never heard dragon except in reference to chasing a boiling blob of smack around a shaking scrap of foil–one hand on the foil, one on the lighter, straw flopping around in your lips–but then I never did hang out with the cool kids.
That’s funny because I’ve never heard it used except in reference to chasing that first high from heroin. And I never hung out with the cool kids either. 
Finally found an example, spoilered just in case, [spoiler]- YouTube fnord!