Killer Party is a blast. Although it came out in 1986, it was actually started in 1978. It went over budget, got shut down, and they finished the last 10% or so in 1984. Then it sat around for a couple years before MGM released it, and when they did, they cut much of the graphic gore. I don't think it matters that much, it works the way it is. It was also originally titled The April Fools, but that also got changed since April Fool's Day was coming out in '86 when this finally saw a release. It has a great start, very original, plenty of amusing moments, and lots of camp. It doesn't go quite where you are expecting it to, and it does feel like an mid-80's movie. So for a movie with such a hard production history, the finished product is great. It revolves around a trio of college girls pledging a sorority, and contains a good deal of animal house like nonsense leading up to the frat party at the abandoned, haunted frat, where everyone is slaughtered. Campy it is, and I loved it.
Pick it up on Amazon.