The recent publication of a novel for teenagers titled RAINBOW PARTY has revived debate about whether or not such 'rainbow parties' are real. As a recent NY Times article explained, "rainbow parties are group oral sex parties in which each girl wears a different shade of lipstick, and each guy tries to emerge sporting every one of the various colors." Such parties are supposedly all the rage with teenagers (kids these days!... what will they think of next?). In the book, a teenage girl has to decide whether or not to go to such a party, but the party ends up never taking place.
The concept of rainbow parties first gained widespread attention back in 2003 when a guest on the Oprah show claimed that all kinds of teenagers were going to these things. But the thing is, tales about rainbow parties always seem to be third-hand: coming from adults who are trying to raise alarms about teenage sexuality. The same NY Times article notes that "Many say rainbow parties are just a new urban legend -- suburban, actually -- not much more trustworthy than the old stories about alligators in the sewer."
I'd have to agree that the rainbow party concept is probably more urban legend than reality. It reminds me of the Jelly Bracelet tale (that teenagers supposedly wear color-coded jelly bracelets to indicate to other kids what kind of sexual acts they're willing to perform). But as always with such things, it may have started out fake, but give it enough time and someone, somewhere, is probably going to be inspired to make it real.