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A party consisting of several guys in their mid-20s and a moderate amount of girls under the age of 16 conducted for the sole purpose of having intercourse with underage girls.

In this case, stat is short for statutory rape.
Steve: "I was talking to some of my little sister's friends at the mall yesterday. I think we should have a stat party."

Tim: "Sweet, dude. I'll get some beer."
by Daniel, Sean, Brian, and Geoff January 06, 2007
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