  CoRoT 223992193 is the only known low-mass, pre-main sequence eclipsing
binary that shows evidence of a circumbinary disk. The system displays complex
photometric and spectroscopic variability over a range of timescales and
wavelengths. Using two optical CoRoT runs, and infrared Spitzer 3.6 and 4.5
$\mu$m observations (simultaneous with the second CoRoT run), we model the
out-of-eclipse light curves. The large scale structure in both CoRoT light
curves is consistent with the constructive and destructive interference of
starspot signals at two slightly different periods. Using the stellar $v\sin i$
's, we infer different rotation periods: the primary is consistent with
synchronisation and the secondary is slightly supersynchronous. Comparison of
the raw data to the residuals of our spot model in colour-magnitude space
indicates additional contributions consistent with variable dust emission and
obscuration. We also identify short-duration flux dips preceding secondary
eclipse in all three CoRoT and Spitzer bands. We construct a model of the inner
regions of the binary and propose that these dips could be caused by partial
occultation of the central binary by the accretion stream onto the primary
star. Analysis of 15 VLT/FLAMES H$\alpha$ profiles reveal an emission profile
associated with each star: the majority is consistent with chromospheric
emission but higher velocity emission is also seen, which could be due to
prominences or accretion-related phenomena. In addition, simultaneous u and
r-band observations from CFHT/MEGACam reveal a short-lived u-band excess
consistent with either an accretion hot spot or stellar flare. The photometric
and spectroscopic variations are complex but are consistent with the picture of
two active stars possibly undergoing non-steady, low-level accretion; the
system's very high inclination provides a new view of such variability.
[Abridged]
