I'm very close to a number of my young (high school/junior high) cousins-- they either don't have or don't get along with their older siblings, and I kind of play that role for them, including being a "safe" older person to talk with about sex, drugs, etc.
I asked a couple of them, and they say not only have they never been to a rainbow/lipstick party, they have never known anyone who went to one, either. They freely admitted knowing plenty of kids who have oral sex, or anal sex, or regular sex; knowing kids who have exchanged naked or semi-nude pictures of each other via text or e-mail; who've had cybersex or done sex chatting online with others; and a number of other things that I admit gave me a certain mild consternation. But no rainbow/lipstick parties.
I am inclined to think that they are the stuff of urban legend.
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Dull sublunary lovers love,
Whose soul is sense, cannot admit
Absence, because it doth remove
That thing which elemented it.
(From "A Valediction: Forbidding Mourning" by John Donne)
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