Basically a party where everyone watches tv, eats junk food, and gets drunk off their asses all night.
Mentioned in the famous Black Flag song "TV Party".
"WE'RE GONNA HAVE A T.V. PARTY TONIGHT...ALRIGHT!
WE'RE GONNA HAVE A T.V. PARTY ...ALRIGHT...TONIGHT!
WE'VE GOT NOTHING BETTER TO DO,
THAN WATCH T.V. AND HAVE A COUPLE OF BREWS" - Black Flag "TV Party"
When a bunch of guys come over to one guy's house and they eat that guy's food, drink his booze, and watch TV. They don't even have to like what they watch seeing how all the dudes will just say sarcastic and funny comments while they watch. This is the most sacred way with bonding with your fellow man.
TV Party is a song by the legendary punk band, Black Flag.
TV Party is to guys as giving each other a manicures is to girls.