Defied: Alice plans a party but makes sure it'll stay G-rated by inviting a chaperone, not serving alcohol, or something to that effect.
Discussed: "Honey, do you have any idea what a 'key party' is? We can't go to that! What would the neighbors think?! Tell Alice and Bob we won't be there!"
Conversed: "Everybody gets laid at parties in the movies. Why don't we ever go to parties like that?"
Alice, Bob, and their friends do this because they are not happy in their own relationships.
The results of the party may bring unplanned pregnancy in either or both girls and not sure of whom the father is. That and they barely manage to avoid a sexually transmited infection.
Reconstructed: They become more secure and happy in their relationships. They may or may not still have (or attend) parties like this.
Played For Laughs: Several upstanding members of the community are there, such as the mayor, the minister from Alice and Bob's church, their dentist... Hilarity ensues.
Played For Drama: Some people (including Alice and Bob) get upset when their partners start "fooling around" with other party guests, thus putting strain on their relationships. And/or everyone catches AIDS.