As memories of a house party, it's "just the ticket".
I know it's a more of a pissed up video than a work of art, but if you're looking for critique, you've got to improve your camera work. Almost every shot was the same. No variation and a lot of shake. Even half cut, you should be able to keep a steady hand by resting one arm on the other.
Stand on chairs, hold your camera close to the floor and gradually point up, hold the camera between your legs and dial to the highest optical zoom. Track the camera over someone's body. Shoot from behind scenery. Track people keeping your arm still, just swivel the camera. So many different shots you could have taken.
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check out a party video i just made... 
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