Most party edits I've seen are more of a better-if-you-were-there type of thing. Not really funny unless you're taking part in the memories captured. I made a little edit from a night of drinking with some friends a couple weeks ago, and though we all think it's the best shit of all time, I doubt anyone who doesn't know the people in the vid would find it entertaining.
The best part is finding clips that were taken when everyone was blackout and nobody has any memory of that part of the night.