Supposedly a party where each girl wheres different shades of lipstick and go to a party and suck guys dicks so the dicks are like rainbows when its over. But really, the stupid bitch Oprah made up the word cause she is a dumbass and hates children..
Oprah: Make sure ur children dont go to rainbow parties.
Parent: whats a rainbow party?
Oprah: something i made up to get your children in trouble for absolutly no reason..
Parent: That sounds pretty mean but since your like a god and all i have to listen to you.
Oprah: i want to eat your babies.