A party where maultiple girls each put on a different shade of lipstick, and suck off a guy. Hence, the guy will have a "rainbow" colored dick.
"Yo Sarah, what color are you wearing to the rainbow party?"
"What's a rainbow party?"
Well, Chrissy, if Sarah wore red lipstick, and I wore purple, your dick would be purple and red."
"Oh. Oh God."
by xblackmamba06 May 23, 2004
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1. A made up word to scare parrents

2. A party/orgy where all girls wear different colored lipstick and suck all the guys penises -- leaving a rainbow effect on it

3. A party/orgy with a lot of people from all different races, African, Calcation Puerto Rican, Asain..
4. A homosexual party/orgy
2. "N---a I'm ballin'; My dick been through every color lip gloss" - Lloyd Bank
3. Hey I think I cought jungle fever from a chick at that Rainbow Party last night
4. Silly Billy called all his friends to come to the Rainbow Party
by randy [blur] robbins March 23, 2005
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A sexual party with two or more women and one or more men. The females perform oral sex on the male(s). The colors of the lipsticks are left on the male's penis after oral sex--making the penis resemble a rainbow when many women have perormed oral sex on him.
"Lisa was the best at the rainbow party--crimson always beats red and blue!"
by EvolNation December 03, 2005
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A party where girls each where a distinctly different color of lipstick, and at the end, boys compare with each other how many marks they have in a judge of coolness.
by Zabbazooey February 05, 2004
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To recieve fellatio from many different girls with different colored lipsticks so your "unit" appears to be rainbow colored
" I had fun at the rainbow party."
by Joe Moe January 22, 2005
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A Rainbow party is when a bunch a girls get together and suck a guys dick with the different coloured lipstick. It leaves the guys dick with a rainbow effect. This is good if a guy wants to wank without porno magazines or movies. Who ever sucks the furthest wins
We had fun at the rainbow party...I sucked with red and Mandy sucked with Pink...he had the two colours of the rainbow and he was already cuming hard...
by b2basulja October 04, 2006
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When a crowd of girls give one or more guys a blowjob wearing different color lipsticks. This causes the penis to have different shades on it, therefore making it look like a rainbow.

Note: Has nothing in particular to do with homosexual orientation (though it could)
Taylor wore red lipstick, Vicky wore orange, Sarah wore yellow, and Caroline wore green. They sucked intensely at the rainbow party, almost like a hoover. That was all I saw because the dick had cummed with those colors on it. I bet the other girls felt left out...
by Enriq March 20, 2006
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