LC is definitely not a party school, and the party scene is essentially nonexistent on campus. Off-campus parties are not advertised at all. You have to ask around to find out about any social events. The football and baseball teams are a good place to start, as most parties are hosted by athletes. The few bars that the area has to offer are expensive but relatively close to campus. Make sure to get a designated driver if you plan to drink because the school does not provide a shuttle service.
If this sounds boring to you, you should probably look into a different school. If you're looking for a campus with a Christian environment, though, you’re in the right place. IHOP is the most popular nighttime hangout for most LC students. There, the most potent drink is a caffeinated beverage or a cup of hot coffee, and a "wild night" means talking and laughing with your friends until 4 in the morning. Even something as mundane as going to Wal-Mart can turn into a good time if you go after midnight with a group of friends. Thankfully, even though LC is strict in many regards, there is no campus curfew, so students can stay out as late (or early) as they want.