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1.
A racially insensitive party thrown by white college students "celebrating" Dr. Martin Luther King Jr. Day. Activities involve parodying every African-American stereotype possible. Costumes worn by partygoers include blackface, gang apparel, guns, carrying malt liquor, do-rags, fried chicken, gold teeth/grills, females stuffing the rear of their pants, even dressing as Aunt Jemima among others. Brought to national attention in early 2007 when pictures of these parties taken place at Tarleton State University, University of Connecticut School of Law, and Clemson University were discovered on the Facebook website and were later reported by The Smoking Gun website.
Frat Boy: "Hey bro! Wanna come to my MLK party? It's gonna be da bomb shizzle fo rizzle ma nizzle!!!"

Student: "Apparantly, your only source of exposure to black people is what you see on MTV."
by D.L. Crosse February 03, 2007
 
2.
"Martin Luther King" Party; A party thrown on Martin Luther King, Jr. Day (since there is no school and sometimes no work). In order for this to be a MLK Party and not just a regular party, the participants must start each shot with the phrase "I have a dream..." followed by anything they wish to 'dream' about. If MLK's dreams can come true, maybe your drunk wishes will come true...at least for the night anyways.
Logan: "Here's to our MLK Party: I have a dream...that imma get some good dome tonight from one of you people"

Violet: "I have a dream...that imma get laid tonight"

Erika: "I have a dream...to not take care of you drunks"
by SweetPeaErrka January 17, 2011