Top Definition
Wild, Gatsby-esque affair filled with references to furniture, "snow-storms", designer clothing and expensive watches. Nearly always overseen by "Papa" Paterno as he angrily scrambles around the kitchen cooking for about 108655677675753747 people. Usually a pretty big hit and has gained a semi cult status on campus. Cops rarely (if ever) show up and people usually return for the next rendition.
Experienced partygoer: Where are you going Saturday night?
Kid: Not sure, why what's up?
Experienced Partygoer: Paterno's having a party! He told me to invite people!
Kid: Awesome! I love Paterno Party's!
Experienced Partygoer: Did you see the Rolex?
by Rolexman121 June 14, 2013

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