1. A made up word to scare parrents
2. A party/orgy where all girls wear different colored lipstick and suck all the guys penises -- leaving a rainbow effect on it
3. A party/orgy with a lot of people from all different races, African, Calcation Puerto Rican, Asain..
4. A homosexual party/orgy
1. "PARRENTS DO NOT LET YOUR CHILDREN GO OUT TO "RAINBOW PARTIES!" - Oprah
2. "N---a I'm ballin'; My dick been through every color lip gloss" - Lloyd Bank
3. Hey I think I cought jungle fever from a chick at that Rainbow Party last night
4. Silly Billy called all his friends to come to the Rainbow Party
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