Translation:Let's throw a party!
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It's just an idiom. It's not supposed to make sense, but it just means "to do a party," often with a connotation of more enthusiasm than some other idioms with similar meanings ("have a party," "put on a party" are more likely to be used when speaking as a matter of fact).
Why isn't this ok? "Let's open the party". It's even the name of a jazz piece! https://music.youtube.com/watch?v=5oY5iT91G-0&list=RDAMVM5oY5iT91G-0