Generally refers to a type of party that takes place at college -- a group of people move from house to house (or dorm to dorm) throughout the night. Each stop is known as a "hole", hence the golf metaphor.
This is usually done to avoid the breakup of the party either by the police or campus security for underage drinking, noise violations, etc.
"Hey man, are you coming to the golf party? The first hole is at David's house."
A party involving multiple locations, usually 9. Each location is called a "hole," and each hole has a unique alchoholic drink. Atleast one "water hazzard" is recomended, where the designated drink is water. DD Caddies are a necessity if the holes aren't in walking distance of eachother.
I got so blitzed from that jungle juice at the 2nd hole of the golf party that I could barely walk by the 5th hole.