What is Party Hats?
1.
erect and mighty pointed nipples
Hey it must be cold out because your mom has her party hats on.
See
2.
What girls call their nipples when they get hard from the cold.
Oh my gosh, it is so cold in here. I am getting Party Hats!
3.
Brittish (and occassionaly American) slang for condoms.
I bought a packet of party hats.