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1.
A champagne jam is a party where you drink shit loads of cheap champagne or beer and is a reference from the movie, "Run Ronnie, Run!" With David Cross.
#1:Hey, Coco Lopez just got married to a small Italian boy.

#2 Fuck it man, Guess we better have us a CHAMPAGNE JAM!!!!
by John K. Collins February 13, 2008
 
2.
Cheap drink party. Made famous in "Run Ronnie Run" basically getting drunk on Boones farm or cheap malt liquor. White trash style.

Getting drunk on about 5 bucks per person or less, Or for free by stealing
Bobby and Sue hooked up last night at our champagne jam man, the trailer was rocking, man

or

Billy bob brought out the moonshine last night and we got down with a champagne jam.
by SaintlyDznutz November 21, 2009