My sons started a Lego Club. Once a month they invited all their friends over to play for a couple of hours. My boys would plan the activities and snacks. They made up the rules. When it was all over they had to deal with the clean-up. I basically did the shopping and supervised. The only down side was that I had to limit the club to 20 kids.
The boys had so much fun that a couples of months later, my girls started the Princess Club. One afternoon a month, they and quite a few of their friends got together to dress up like princess. They served refreshments, played games, and watched princess movies.
I loved being the fun mom while only having to have friends over twice a month. It has worked wonders for my kids social skills.