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1.
To celebrate in a wild and crazy manner. Implies that you have nothing to else to do but give yourself up to your raw emotions. Originates from the 1982 hit "1999" by singer/songwriter/composer/performer Prince.
"They say 2000-0-0 party over, oops, out of time,
so tonight I'm gonna party like it's 1999"
by DSing September 14, 2005
 
2.
to party like there's no tomorrow. Live like today's your last. In the 1983 Prince hit "1999" he refers to "2000-0-0 party over, oops - out ot time" so tonight he "parties like it's 1999". This became a catch phrase in the American lexicon.
After the Pink Floyd concert we walked over to the campus strip, hit the bars and restaurants, drank like fish and generally we decided to party like it's 1999.
by Starpunk November 13, 2006
 
3.
A verb meaning to party like you believe it's the end of an era; similar to the way people partied on New Years in '99 because they thought there would be a massive computer crash.
For New Years 2012 I'm gonna party like it's 1999.
by EB<3 January 03, 2011
 
4.
An expression originated from the 1982 hit "1999" by Prince, it was originally used to mean "to have the wildest party of your life", like you would if you were to celebrate the opening of a new millennium.
It became obsolete after 1999, so, if now you express your intentions to "party like it's 1999", people will believe you want to celebrate by listening to music like "La Flaca" and "Mambo Number 5", cracking jokes about Monica Lewinsky, playing with a Playstation 1 and talking about The Matrix like "OMG TEH BEST MOVIE EVAR!!!111"
Before 1999:
Joe: Come on, dude, let's party like it's 1999!
Bob: Yeahhh!!!

In 1999:
Joe: Come on, dude, let's party like it's 1999!
Bob: WTF? It IS 1999!

After 1999:
Joe: Come on, dude, let's party like it's 1999!
Bob: Nah, I'm not into this nostalgia stuff.
by Altered Reality March 02, 2010
 
5.
A cray, amazing website containing all the new music you'll ever need.
"Yo, what's cray?"
"New music is cray. You'll party like it's 1999 at www.like1999.com."
by Jams1999 January 28, 2013
 
6.
1)To have a large party or celebration.

2)Party hard.

3)"Let's party like it's 1999"="Let's celebrate."

Taken from December of 1999, when everyone was very excited about the new millenium coming up so they New Years Eve celebratins were extra loud and exciting.
Come on baby, let's grab some beer and party like it's 1999!

Mary said,"Let's party like it's 1999!" when she found out that her book won the Pulitzer Prize.
by Newbia May 30, 2004