A trap, intentional or otherwise, set by dropping a smoked cigarette into a half-full bottle of beer, thus obscuring the cigarette butt. Also, a great palendrome.
"Aw man, Elliot left me a party booby trap! My Urquell's ruined!"
When a woman has her breasts surgically augmented and proceeds to display them in low cut tops, tight tops and without a bra as much as possible for every occasion.
Sue: "Oh no, do you see how low cut that top is? She is leaving nothing to the imagination!"
Jane: "Oh girl! She's got her party boobs out!"
A word from the popular gamehalo 3 started when in a doubles match against battlefield bob,someone named him partybob,the word is now used to annoy anyone who is not familiar with the term and is overused by simbo and kysahn :D