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The art of throwing a very drunken extravagent party with a plethora of friends. Whoever is throwing the palooza usually adds their name as a prefix to the word. Paloozas are usually held on Wednesday.
Did you go to Daveapalooza?

Yep, I don't remember it though!
Palooza by Anonymous0999 July 7, 2008
A crazy fuckin party whose purpose is to re-release an indivivual back into the world of dating when their significant other dumps them, ending a long term relationship.
Mitch-A-Palooza (from "Old School" the movie)
"Man I was so smashed at Mitch-A-Palooza, I woke up next to some chick I don't even know!"
palooza by Davers July 25, 2008
A party that usually lasts for the whole night. And non stop fun
new years eve party that lasts the whole night
palooza by SNAKE May 13, 2005
Are you going to the Quart-a Palooza?
Palooza by Eliten2 August 14, 2008
A wild crazed out mutha fuckin party that no one will forget
Shit son did you hit the Allie-A-Palooza over break?
palooza by Spida January 5, 2006
hopelessly love-lorn, insecure person desperately seeking a relationship but forever facing rejection.
I wouldn't date him, he's such a palooza!
palooza by Holly Stafford July 7, 2008