a typical party where everything that is being drank is poured into red, plastic cups. this is a stereotype, not a fact, but it is still very common amongst college and high school students.
A "cool party" in which faggots get together with their "friends" and partake in drinking alcohol (or fucking coors light) from plastic cups and take many pictures of themselves posing with the cups to then later upload to facebook to show everyone how fucking cool they are.
"YOOO bro! i was so wasted last night at matt's house... i mean you can clearly see from all the facebook pix!! i don't even remember it!"
"i guess that faggot was at a plastic cup party last night"
Those porno videos like "College Fuck Fest" or anything like that when two people are having sex in front of a group of people at a party and they are all holding red cups.
Hey have you seen that red cup party with the blonde chick getting nailed?