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Literally, a half of a party.

Consists of a small gathering of people, usually close friends of the host, getting together to have a good time.

Not as intense as a full on party, but a party nonetheless.
Tyler had a semi party together down at his house last weekend. About seven people enjoyed the pool, some video games, and all around douchebaggery.
by Smitty Joe June 10, 2006
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