Ignore the blurb on the VHS box, the movie is not about a couple's hot parties with hip friends, it is about a couple's awful parties with jerk friends. Now, that might not be a bad thing -- in fact, I think it could be easier to make a good movie about bad parties than about good ones -- but the advertising is dishonest.
Much worse, though, is the the pointless and boring character of the movie, which is about a bunch of stupid or verbally sadistic "friends" who mostly don't like each other. While I've known cliques that keep getting together despite frictions between some members, it's inconceivable that these people would keep getting together for these abusive and tedious holiday events. Also, the couples' relationships, which come and go between these parties, are unexplained and mostly unexplored, as are some individuals' character changes, and indeed, almost everything that doesn't happen at the parties themselves.