What should I watch out for in the party scene?

That all depends on where the party is at and what kind of party it is. Houseparty, Barnyard party, Clubbing in town, Trance party, Rave, Lounge party etc.

But overall: Go with a couple of friends for company (and security if it comes to that) and just a couple of bucks in a small wallet or purse for drinks or sigs etc. Handbags and carry loads are not advised, just you your clothes and a bit of money (or drinks depends again on what kind of party) and dancing shoes. Always stick close or at least in eyesight of your friends, never go alone clubbing.

But the best advice overall is just to have fun in whatever way when your there, dance till the next morning, drink yourself sober or smoke a spliff, otherwise there is no point, and note: there is NO peer pressure. If you feel unsure or uncomfortable being or going there then don't, it's not worth anything.

When it comes to drinks (also largely based upon what kind of party), but I guess clubbing in town: I don't advise ordering open drinks or drinks sent to you or bought and brought to you by someone else. Order directly from the bar and check how and what they fill in the glass and then take it immediately and stay constantly aware of your drink, if not then you are not interested enough to be a drinker ;). Otherwise drink directly from the bottle or can or pour it in a glass yourself, don't be fooled by 'ladylike' tendencies to be served a drink, get one yourself or from a trusted friend.

Don't drink anything you are unsure of to handle but take it slow and easy. Start with something light like a cider or beer and stick to the same kind (mixing alcoholic drinks makes you sick. Need I say more ;) but later you can move up to a bit to harder liquor or shots like 'Jegermeister', brandy or whisky mixes, vodka etc. But I advise not to take too many different drinks too often and in succession, start low and go stronger or rather just stick low and with the same type and brand, then you'll last allot longer through the night, without having to go to the bathroom every 5 minutes or pass out or cause a drunken braul or vomit and go home early feeling sick.

But overall for me the only pro to the party scene is to socialize and have fun with friends, don't forget dancing, all the rest is dirty business. Drinking and smoking are just add ons or rather cons health wise, society wise and money wise, the only pro is social wise but that totally depends on the crowd you hang out with and how you and others react when they are drunk or when they are not. There is nothing glamorous about waking up with a humungus hangover, foul breath, dirty and stinky with smoke and broken glass and drinks and a few other nonmensionable things on the floor and a billion bottles lying about after making a fool out of yourself infront of your friends and having made and broken a few relationships after having a 'good time' the night before.

There's a lot to learn, but most of it is having fun, and a lot comes from experience. Make friends in the area before you go to any major parties, you gotta have someone to watch you back. And NEVER put an open drink ANYWHERE. Always carry it with you, people are crazy.