What do I need for a great party?!

Get a table for flip cup. Everyone loves that.

Also, make a crap ton of jello shots. They are pretty cheap to make and everyone loves jello shots, guys and girls. Give them out at various times in the night.

This my sound weird but it works at my college. Try having a party where you rent out a roller skating rink from midnight to 2 am. Have everyone come to your house before to get drunk and then kick everyone out at 11:45pm to go to the rink. I guess this might not work at real big universities.

Sponsor a charity like MS or Muscular Dystrophy and raise money for it by having contests at your party. We did this when I was at a University: 200 hour volleyball marathon for MDA.
This was back in the 70's, but we raised a lot of $ and had a great time playing volleyball all night.
When it was over, we got drunk.

have a lot of good food and make a new party theme every timee you have a party ex. luau, black and white, beach ex. and have a lot of decoration to go with them and a lot of light colored lights. And whatever theme you have have people dress up with the theme all i got hope it helps

i dont know what your price range is but getting a live band will really liven things up also colored lights and themes are great maybe an organ grinder monkey that would be pretty neat oh and lots of glitter :) to get ppl to be really crazy feed them lots of sugar or other substances if you are into that and have naked people covered in glow and the dark paint
hope some of my ideas help :)

Karaoke machine is pretty fun and brings out alot of insecure people to a better time!

MUSIC!!!! ALL THE WAY!!!!! cool dance floor!!!
idk...