Two possible interpretations: Party-like = like a party [Eliot's definition, but you have to remember the hypen (-)] "Party like" = to party as if. "The atmosphere in the house was gay and party-like." Prince's song "Party Like It's 1999" means "Party the same way you would as if it was 1999". Remember this was written a long while ago - but you get the idea. It is always used to express some high degree and intensity of partying. "We partied like there was no tomorrow." = We had a lot of fun and got drunk and had vicious hangovers, but it was worth it.

party like = like a party

Do you have more of the surrounding text? Taken out of context, it can have a few different meanings. Could be defining the ambience as being party like, as in it is like being at a party. "Party like there's no tomorrow" would mean to caste of your inhibitions and do things you wouldn't normally do.