there are social events.. but not a typical teenager's idea of partying

richies did parties

Yes

Yes, the word "partying" is a gerund. A gerund is a verb form that functions as a noun, typically ending in "-ing". In this case, "partying" functions as a noun referring to the act of engaging in a party.

The word 'party' is a noun, a verb, and an adjective.

EXAMPLES

As a noun: "I'm not going to the party tomorrow."

As a verb: "I'm going to party all weekend."

As an adjective: "I don't involve myself in party politics."