Walker- I mean this very respectfully but I believe you're a bit out of touch with this generation. The word "party" absolutely is generational, just like the word "gay" and many other words like "bad", "cool", "chill", "sick", etc. Meanings change. "Hook up" and "friends with benefits"....yeah, they seem negative but it is what it is. I'm in my 40s and I don't like it anymore than you, but the way someone up thread described college life and relationships is pretty much my view as well. I have worked with this age group and sorry but yes, I still call them kids, and some of my own kids are in college now. You mentioned something about how in a different generation they'd be married with children. That's true. My Grandma was married at 16. However, that's not life today. In those times, they didn't have Mommy and Daddy paying their bills and sending them off to Big 10 schools, all expense paid, paying for overseas trips, big expensive Spring Break excursions, and shipping their car to campus. I'm not saying that ALL of these POI's have each of those benefits but the fact is, many "kids" of this age do. They do NOT have adult responsibilities. Many are sent off to school with credit cards (for which Daddy gets the bill). Many don't even have Daddy sending them rent $ - Daddy just pays the landlord directly. They don't have to worry about the things that most adults do. I'm not knocking them; most do grow up and "get it". I'm just saying at this age today, they're a FAR CRY from the generations that were getting married young. IMO adulthood doesn't come with a given age. Sure, legally it does, but I find it personally to be something that's warranted by maturity and responsibility.
When it comes to "dating"....it really doesn't happen. A bunch of kids go to a party and usually that happens in groups. A boy/girl see each other, get to know each other, and sadly - they often have sex that first night. They may never see each other again, or they may see each other accidentally at another party and "hook up" (sex) again, or they may start texting (likely no calling), friending on facebook, and develop a relationship. Relationships usually involve hanging out (chilling) at each other's dorm/apartment, going to parties together (or meeting up there) or going to the bar. Often this is in a group and not really "dates". When I was this age, a boy would call me and ask me on an official date. It's SO different. My son had a girlfriend of about a year and they probably went on 3 dates that entire time. Usually, they hung out at our house and watched movies or did things in groups. The days of going out to a movie are really over b/c they have netflix, etc.
The "hooking up" thing is VERY common. It surprises me how many partners many of these kids have had by the time they're married. When I was in college in the 80s there was the start of the AIDS awareness and STDs. Multiple partners was a scary thought. That whole fear seems to have subsided b/c when talking with these kids, many can't even tell me how many partners they've had b/c they don't know.
As for the word "party", it's pretty much common knowledge among anyone who is either that age, has a child that age, or works with those that age, that "partying" involves drugs. One may say, "I'm going to a party" to mean a social gathering. Used in this context, it can mean something benign. However, if one says, "Do you like to party?", "I wanna party", "She's a partier", it's very understood that they're referring to drugs by those within this generation.