Prerequisites: Partying 101, Partying 102
When you eventually get your own place off campus, the first thing you want to do is throw a party. You'll probably be planning this party before you even have furniture or electricity, which is good. I like the commitment. There are, however, a few things you need to know about hosting your own sock-hop before you kick things off. Opening your home up like this can be a disaster if you don't know what you're doing. Of course, common sense dictates the general rules of throwing a party, but here are some extra tidbits to make it easier on you.

You don't want the entire school to come
You might think you do, but you don't. Again, this was more common at ASU, but just in case you get any crazy ideas…. know that they're bad ideas. Handing out fliers, making a public Facebook event, and recruiting off the street are all horrible ideas. Assuming you have friends (if you don't, you're on your own), just invite them and tell them they can bring a few people if they want. That way, almost everyone knows eachother but there are some fresh faces mixed in to make things interesting. Everyone wins. If you just give the entire world blanket permission to come to your party, you never know what kinds of people are going to show up. You're a lot more likely to get the drunken idiot who wants to fight people, the sketchy old guy who no one knows, and the dude who is stealing your shit. And also, more generally, the percentage of people you know at YOUR party is significantly lower and hence your party will suck. Easy trap to fall into as a rookie; avoid it at all costs.

No one gets mad when a girl picks a bad song
Yet another example of why having girls around is beneficial for everyone. If your party's music is coming from an iPod (as opposed to a mix cd or something), then you will almost certainly lose control of what is being played. That isn't that big of a deal because there are better things to do at a party than pick songs all night, but it can cause problems. It's been proven time and time again that any time a guy (you, the host, included) picks a song, someone will vocally object and quite possibly become irate if it isn't changed immediately. There are few true "crowd-pleasers," these days, especially if you have a diverse group of friends. The lesson here is to let girls pick the music whenever possible. Even if the song they choose sucks, no one will call them out on it or get angry. If they piss off the only girls at a party they might as well just go home and drink alone in the dark. No one wants to risk that.

Don't let people talk you into stupid beerpong rules
Finally, the dark side of having girls at your party. They are especially prone to wanting things their way, and they aren't afraid to use their cleavage or baby blue eyes to get it. Don't fall for that shit. Staring at cleavage is great and all, but there's a time and place for it. Lay down the house rules ahead of time and stick to them. At my house, for example, there is no island, no NBA jam, and no behind-the-back. People have protested this several times but my roommate and I aren't having any of it. If you bend your will to one rule, the floodgates will open and the game will be entirely unrecognizable before long. Stand your ground on that shit! This also applies to flip-cup rules, beerpong list controversies, Kings rules, and anything else under the sun. It's your party, damnit.

Outsource collection duties to someone who is good at it
When you become a veteran party-thrower, people tend to throw down beer money without being prompted. You've built a rapport with them and they respect the process. In the beginning though, you need to be more assertive. I was, personally, terrible at this. Some people have a gift, though, and can twist people's arms without coming off like a douche. If you're not one of those people, find a trustworthy person who is and get him to collect beer money for you.

Make it interesting
Getting drunk for absolutely no reason is great. Having no agenda during a party is fantastic. But, every once in a while, get creative and do something different. Theme parties are always awesome. Beer games competitions are completely under-utilized and completely amazing. Organize a drunken scavenger hunt, handcuff random people together, do something to make your parties stand out. That's the best way to get people coming back every weekend. Always be looking for a way to make your parties better.
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I have a lot more to say on this topic, so I will probably revisit it later. For now, though, that should get you started. Next time we'll be moving onto Partying 231: Characters, which will be a guide to the specific types of people that seem to be at every party. Who they are, how to spot them, and how to maximize their entertainment value. Stay tuned.