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All night parties, loud music and annoying the neighbours are a great laugh - until it's your place that's being taken over and you who's landed with the cleaning and the consequences of other people's behaviour.
Remember that once you've signed a tenancy agreement, you are responsible for the behaviour of your guests. Don't allow other people to put your tenancy at risk - it can be hard to ask your friends not to do something, but keeping your flat is more important.
It's your place and your rules apply - you might find you don't want people round all the time, especially if you've spent a lot of time cleaning! Ask friends to phone before they come round, and if your flat is clean and tidy when they arrive they are more likely to keep it that way.
If your (or your guests) behaviour causes a nuisance to your neighbours they might report you to the police. Playing loud music, making mess in communal areas or doing anything that causes offence or disruption to other people will not only make you unpopular with your neighbours, it could put your tenancy at risk. Remember that you don't have to put up with this kind of behaviour from your neighbours either!
If you are having a party, try to let your neighbours know in advance - they might still not like the noise, but at least they'll know you've considered their feelings. If you do receive complaints, take them on board and talk to your neighbours about it - don't let it build up into a long-term argument.
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