A VERY expencive item that you can buy on runescape for 5-30mil gp, (gold pieces) there are lots of different kinds of phats such as: pink, blue, white, purple, green, and just about any other color you can imagine, if you were a party hat to a drop party, people will drop cool stuff next to you, it was originally formed out of a "cristmas cracker" that you pull with anouther person that also has a cristmas cracker, and you would then each get a different colored phat!
Party hat's are very very expensive :D
by Kyle Biddle August 02, 2004