This term refers to the ambient of a party/social gathering that has evolved (through use of substance and lack of judgment) into a setting for salaciousness and other forms of debauchery.
In George Lucas' (1983) Return of the Jedi, we see that the palace is home to a plethora of deviants from all corners of the galaxy thus promoting indulgences from many different worlds.
"Hey did you go to toms house party last week?"
"Yeah, that joint was like Jabba's palace, I think I may have caught something from one of the girls there." *scratches crotch*
When you have to pee in a movie but don’t want to miss anything, and must do the following mental equation: will the amount I have to pee cause enough discomfort to diminish my attention capacity for the remainder of the movie to an extent which is greater than the amount of the movie I would miss by making a mad dash to the restroom.
I saw Satantango last night, wonderful film but by the 5th hour I had to start doing pee calculus.
Short-hand for the word floccinaucinihilipilification, meaning the estimation of something as valueless (encountered mainly as an example of one of the longest words in the English language).