The first time I heard this term and probably the first time anyone ever heard it was on the Oprah show in the summer of 2004. The show was entitled, "Do You Know What Your Teen is Really Doing?" Oprah invited a guest which obviously was hip and hop and all that and could easily infiltrate those naughty secretive teens to see what they were REALLY doing.
Get this, There is a SECRET LANGUAGE of TEENS! No wonder parents can't communicate! So the guest described to the world completely esoteric terms such as "Rainbow party" and "hoovering".
Since then, the term 'rainbow party' has been overly-used, and has even earned an episode of HUFF, in which a teenage boy goes to a 'rainbow party' and his parents later find lipstick on his underwear.
Oprah: Whats a rainbow party? Is that like, some event for PFLAG?
Guest: Oh no no no! Don't let those dirty slutty teens fool you.
Oprah: Oh, I won't!!
Guest: See, a rainbow party is... get this... a party that only about a couple of people actually do in the real world, but we decided to tell everybody cause YOU COULD BE NEXT!
Bacardi 151 (rum) - as in 151 proof or 75.5% alcohol. As a teen dealing with bouts of depression and bursts of let-loose fun, it's the beverage of choice now that I've outgrown my vodka phase. BUT DAMN THIS SHIT IS A BITCH GOIN DOWN! Get's ya f'd up hard and fast.
I drink 151 because I think I'm hardcore. But really I'm just hardcore because I'm drinking alone tonight... and tomorrow night. "What's wrong with Sam?" "Oh, he's tapped his private stash of get-fucked-up."