i party si queres hacer una fiesta es mejor decir voy a hacer una fiesta y si vas a ir a una fiesta es mejor decir voy a ir a una fiesta o voy a salir de parranda o me voy de joda

En México decimos "me voy de party", pero tambien puedes decir "yo festejo". Example: I want to party tonight!! = Quiero irme de party esta noche!! I want to party tonight!! = Quiero festejar esta noche!! Para mi está mejor "Me voy de party". De hecho esa frase solo la usamos los jovenes. Me voy de party is better for me, as a matter of fact it´s the one young people use.

I would definitely go with "vamonos de rumba" o "nos vamos de rumba" (which is pretty much the same) Using the same "rumba" word, you can also say: "me voy de rumba" ... I would disagree a bit with Hairo about "yo rumbeo" as it gives another sense such as "I dance" because actually rumba is a kind of dance, see --> http://en.wikipedia.org/wiki/Rumba_(dance) I throw the party can be as "yo armo la fiesta" ("armar" actually means to arm or assemble but this is the expression most used... see an example on this yahoo answers page: http://es.answers.yahoo.com/question/index?qid=20110222122203AAReP2f )

I party = yo rumbeo ( if you want to use rumba that is, cause its not used in every spanish speaking region, anyway it means you enjoy/participate it. ) lets go party = vamonos de rumba / vamos a rumbear ( same case ) I throw the party = hago la fiesta ( if you give/throw/organize it )