As long as you're at least 60% confident that nobody at the party is going to dip their boaby in it, it's almost definitely a brilliant idea.
I think the one at the party I mentioned started off as a big bowl of Sex on the Beach, but it was quickly corrupted with various types of alcopop, Aftershock, and whatever else could be had.
And also, secretly, a fair whack of absinthe.
Edit: By a strange coincidence, I'm fairly sure the Caley goalkeeper in the sig above this post was at said party.