Wizard101 has no built-in party/housing party system (unlike Pirate101's group instances or Toontown's parties). You cannot send invites, decorate a room, and host a social event with minigames.
Social Alternatives
Group Questing (Team Up!): Open Quest Finder (default `T`), select dungeon/boss, "Team Up" → match with 1–3 wizards. Best for XP, drops, teamwork.
Friend Teleport: Right-click friend → "Go To" → join their instance (if same world/area).
House Tours: Own a castle (Crowns/Gold) → set to "Public" or "Friends" in Housing Options → others visit via "Visit" button in Friends List or Castle Tours (Housing Board). Decorate, chat, roleplay.
Text / Menu Chat: Coordinate meetups: "Commons, Realm Avery, by fountain."
Guilds (Soon™): KingsIsle has teased guilds for years; not yet implemented.