A type of party which commonly takes place in co-ops, dorms, fraternities, apartment complexes and other situations with a lot of people living together. Observed frequently at UT Austin (#1 PARTY SCHOOL) but known to occur elsewhere.
Each resident mixes up a big batch of a different kind of cocktail or shot, and the entire party moves together from room to room, stopping to have a round in each one. Often, people will decorate their stop according to a theme, or have games to play. A great way to really get to know your housemates and the source of the worst hangovers known to mankind (think mixing large quantities of every kind of cheap liquor and vast numbers of sugary mixers). Also known as "Liqu or Treat"
"Hey man, around the world party on Friday
"BAD ASS. I'll clear Saturday, stock up on Chaser and bust out my dancin' shoes"