1. An optical illusion that appears after a rain-storm with 7 indigionous colours.
2. A term used within the gay community to acknowledge acceptance amongst it's members.
1. A beautiful rainbow was over Grandmom's house after the showers ended.
2. Todd and James found the rainbow sticker on the door and knew it was gay-friendly.
A "rainbow party" is supposed to be a party where girls wear different shades of lipstick and suck a guy off. In actuality, it is a term invented by Oprah and no teen had heard of it until her show in 2004.
Oprah invented rainbow parties so parents can lock up their teens and send them to boarding school.
In the US, it is apparently a euphemism (or media-invented myth)for rather lewd naughtiness (see all other definitions). In the UK, it means jelly, ice-cream and dressing-up as Zippy, Bungle, Geoffrey, George, Rod, Jane or Freddy and singing "The Wheels on the Bus". The latter seems condusive to a much more satisfying experience.
Yank: Dude, I'm so emotionally crippled and shallow, I went to this badass Rainbow Party last night. Now I feel even more empty and my dick's kinda itchy.
Limey: I say, old bean, I had a Rainbow Party last week! We all had a beezer time, despite Bungle having eaten too much jelly and ice-cream.