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2.
Specifically, the contact of more than two penises during male homosexual group sex. Could also generally refer to male homosexual group sex. Evolution of the term also includes a toast of more than two long neck beer bottles.
I heard Ray was part of an Oscar Party in Tribeca Saturday night.
by CitizenKen April 26, 2010
 
1.
The gay man's Super Bowl party.
Guy 1: I'm throwing an Oscar Party this Sunday.
Guy 2: Fabulous!
by Joel Mendoza February 22, 2009
 
3.
A euphanism used to describe an event in which mature couples engage in sexual intercourse.
Sometimes used to mislead younger people into the comforting belief that they do not have sex.
My father must really be hitting it off with his girlfriend. She's invited him over to her house for an "Oscar Party".
by Commanderoko February 12, 2013