I think it's Anything But Clothes. People come wearing crazy things like garbage bags or duct tape or aluminum foil. I've seen pictures of them.
Yeah it is an Anything But Clothes party. I went to one not too long ago. I made a skirt out of a lampshade and wore a scarf as a top. Others at the party wore pool toys, tissue paper and duct tape, newspaper, towels etc.
well in Pakistani-Indian slang terminology, it means when the whitewashed kids who have just come back from the U.S, Canada or the UK come back to the motherland and throw a party.