It's basically an open invite for a group of friends, and a standing thing that just happens. If you have no other plans, you basically go. Sometimes I have to drag myself out of the house to do it - but it's worth it every time. The group that attends sometimes is just one other couple, sometimes it's a house full of 30 people if everyone comes, brings their kids, and a few friends of friends tag along.
Definitely one of the better things I've been involved in!