What is this party word you speak of?

I may be too ancient to understand basic concepts, but let's try.

What does the verb to party actually mean? And, how does one have an all night session of partying at a club? Does that mean that the partier danced, ate food, partook of drugs and/or alcohol, and screamed really loudly to the people next to him/herself because the music was too loud?

If you're not at a club but rather you stay at someone's house all night having arrived with the intention of attending a party does that mean you partied all night, or had a slumber party? How about if someone's bra was put in the freezer? Does that make it a slumber party?

And, now I'm also curious about clubbing. Does that word imply you hit multiple clubs in the same night to party at each one? What if all you did was talk really loudly to the person next to you, foregoing the drugs, alcohol, food, and dancing? Is that just hanging out at a club? Or, is that still partying?

So confusing...