A place that looks calm and serine from the outside, but contains non-stop partying on the inside. This partying is due to many things, such as; "babe of the year", sweet "mini-fridge", old stereo, and mega-hottie "Jill of the Jungle".
Non-stop chillaxin also takes place in the palce of party.
Cool Guy #1: Where you goin?
Cool Guy #2: Dude! The Party Palace.
Cool Guy #1: Wow that's totally sweet, can I come?
Cool Guy #2: I dunno, can you handle non-stop party and chillaxin action?