A VERY expencive item that you can buy on runescape for 5-30mil gp, (gold pieces) there are lots of different kinds of phats such as: pink, blue, white, purple, green, and just about any other color you can imagine, if you were a party hat to a drop party, people will drop cool stuff next to you, it was originally formed out of a "cristmas cracker" that you pull with anouther person that also has a cristmas cracker, and you would then each get a different colored phat!
Party hat's are very very expensive :D
by Kyle Biddle August 02, 2004
"I had to pull back Shawn's party hat to even tongue his tip when I was fellating him." Exclaimed Christine.
by PartyFavors.com December 04, 2008
by logos August 12, 2003
by cat.c August 18, 2005
In the course of one debauchery-filled night with his buds Jason went through about four party hats.
by Kaworu June 30, 2004
A discontinued item in runescape, obtained by pulling a christmas cracker. there a 6 difernt colours : Purple>yellow>green>red>white>blue. they range in prive from 154m(purple) to 450m(blue) and rising.
Noob: zomg i wanna party hat gimma a party hat or il report u to jagux!!
Noob2: no wai nub dis iz my phat
Noob2: no wai nub dis iz my phat
by Teh 1337 owner December 02, 2006
by hilol March 31, 2011