My set up is not great its just a regular 36 in. tube tv. I have mostly fansubs, some anime on my dvr from the funimaiton channel and some dvds. I could entertain about 7-10 people or so. I would plan to start around 6 or 7ish with family friendly anime or at least stuff I think my kids could watch. Then watch more adult stuff(not hentai, im not into that) when they go to bed at around 9. I would make snacks and people could bring some of their own if they want and drinks.
@tofutakeout- Im sure your dad would be okay with it, I am 28 and have been married for 10 years, my wife will be there too, I have 3 children. My two daughters are 9 and 7, my son is 5. I would be more than happy to meet or talk to anyones parents.