1. It is a derivative of the intransitive verb party.
2. It is the phonetic spelling how some "people" have decided to pronounce party.
Has nothing to do with determining the attitude/type of the party. It just so happens a selective group of people(?) use this word(?) and hence, the style of the parties held are incidentally similar (e.g. usually containing loud rap or hip-hop music, an abundance of substance abuse and often a great amount of sexual promiscuity. Source: bud newman., Feb 28, 2003).
2. noun; similar in mood and atmosphere to a party, but with more attitude. can usually be heard in areas of downtown wordcompton/word or wordthe wood/word.
In times of today, a party is usually associated with alcohol, drinks, drugs, sex, etc.
A Partay is a party without drinks, drugs, or anything considered inappropriate for people of the age 17 and under.
A partay can consist of hanging out with your friends, going mini-golfing, dancing at a dance, and much more as long as it involves having fun without doing drugs, drinking, having sex, etc.
"Hey Kimberlee, We're going to partay tonight!!!"
"Sweet I'll bring the gatorade and music, let's hang out at Denny's!"
"Alright, see you there."
"Dang Teddy, last night's high school dance was alot of fun!"
"Yeah it was a total partay!!!"