Poetry in the West is almost always a solo composition, but poetry in Eastern traditions was often collaborative. One example of this is the Renga, a long form with highly specific rules governing everything from the number of syllables per line to what kind of emotional tone each stanza should have. People would get together to have Renga parties, and each person had to add a stanza whenever it was his turn. Of course, it wasn't all about the poetry- as I understand it, sake and courtesans were also factors, so the Renga party was a genuine party. But it was certainly a little more on the artistic/intellectual side than what we usually think of as a party.

Most modern poets would not be too thrilled with the strict rules of a classical Renga, and many of them probably wouldn't be able to follow those rules if they wanted to, as they take a lot of experience. But doesn't a “poetry party” sound like fun?

Get a few bottles of wine- or what the hey, a few boxes- get together your poet friends, and let the good times roll. The host sets the theme and a simple structure to lend unity to the whole piece. (Maybe something reminiscent of Renga, like saying every line has to be either five or seven syllables. Maybe something totally different.)

Set a reasonable time limit on individual stanzas so people don't take all night about it. You could even make this part a drinking game, by having a forfeit such as a glass of wine for anyone who fails to come in under time. An experience like this ought to be a lot more interesting than an ordinary party, and don't worry- you will still get drunk!