As the term implies it involves a social gathering of people and some mazola oil. In the 70s, it was used to reference an orgy that involved the use of the named cooking oil. It can also simply mean a wrestling match (usually bikini clad women) who wrestle in oil.
Went over to Sue's house for her 21st Bday, and after 4 hours of drinking it turned into a mazola party.
by J. Ko April 2, 2008