A crazy fuckin party whose purpose is to re-release an indivivual back into the world of dating when their significant otherdumps them, ending a long term relationship.
Mitch-A-Palooza (from "Old School" the movie)
"Man I was so smashed at Mitch-A-Palooza, I woke up next to some chick I don't even know!"
The art of throwing a very drunken extravagent party with a plethora of friends. Whoever is throwing the palooza usually adds their name as a prefix to the word. Paloozas are usually held on Wednesday.