An incredibly insane fun outing or event usually involving 3 or more people! Any less than three people would be considered a palagaloozie (or a platonic date).
This word is native to Davis, CA.
"Hey Dave, let's go on a spontaneous palagaloozie this weekend!"
"I'm sorry pal, I'm already going on a crazy palagalooza with Erin, Tif, and Crystal!"