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1.
When a group of at least 4 males masturbate to ejaculation into a wine glass, and then pour it onto an unsuspecting sleeping, or passed out (drunk) females face at a party. Usually a passive aggressive way to settle a score.
Joe: Man, that cunt Abby just slapped you in the face dude..

Chris: I know man......You thinking what I'm thinkng?

Both: Cocktail Party!!!
by C0kt@l3 w8tr December 15, 2012
 
2.
Party in which all participating males of a circle jerk ejaculate into a cocktail glass. The loser, or the man to ejaculate last, must take the scrumptious drink, and give it to his girlfriend. Should the loser not have one, he must proceed to drink it himself.

Either way, you are going home alone that night.
Friend 1: We had a nice, friendly little Cocktail Party.

Friend 2: And?

Friend 1: I ended up swallowing 13 different men's semen at once.
by The Loser February 13, 2012
 
3.
When the cock of one person and the tail of another have a party. A.k.a. anal sex.
"Private Long, if you don't shut what I call the fuck up, we're going to have a cocktail party tonight!"--Drill Sergeant
by Private Long September 20, 2006