a violent house party usually resulting in a visit from the cops and thousands of dollars worth of damage because of an unbelievable amount of alcohol consumed. These events usually take place on a weekend when the host's parents are away. It may be planned, or merely the consequence of spontaneous actions influenced by too much alcohol.
"fuck did u go to that housewrecker on friday?"
"yeah, the poor dude has to pay for the contracters to remodel the basment."