Tried the Beats out and ended up returning them since the sound was horrible and indistinct. Replaced them with Klipsch studios and the sound was good but they wouldn't fit snugly enough over my ears so these were returned as well.
I settled on a pair of AKG K172HDs. Couldn't be happier with them. The cord is really long though so I've daisy-chained mine.
OP, if you really want a party system then you need headphones for quiet enjoyment and a stereo system for partying. Look into a receiver and 5.1 surround system, they can be put together pretty cheaply. Just make sure that you get a nice receiver that you can hang onto. The speakers can be upgraded individually during bouts of audiophilia. Also make sure that your receiver covers the wattage of all of your speakers adequately and get more watts than you need if you plan to upgrade.