I've had a giant disco ball (not even sure it's safe to hang - it's pretty damn heavy with real mirrors). And I have a fog machine with juice (acquired a while back at a garage sale). And now I have a decent mini spotlight with exchangeable color lens from Spencers that I got from Goodwill for $4. I have a few chains of bamboo tiki lights (Amazon found for free) along with a chain of white christmas lights also picked up for free. And I have a 720p HD projector, a Wii, and a XBOX360.
Hm. I guess I'm missing a strobe light. And alcohol. And those crazy partying friends that I don't make. And maybe a larger place.