You guys know absolutely nothing about throwing a party.
The first, and the most important thing to do is the afternoon of the party go and tell you neighbors about the party, and tell them if there is a disturbance come over find me and we will sort it immediately. This will prevent neighbors from calling the police.
Second section off you house into areas guests are allowed and guest are not allowed. Maybe no guest upstairs, or where the new carpet is. Put everything that is worth anything up in the areas. In the area where people are allowed have a couple chairs, old sofa, etc. This way things of importance are not stolen. I suggest blocking of the upstairs this way no one is shagging in your bed.
You need some drinks. I am not sure if alcohol is on the bill, but if it is try and get a keg, or the same amount in cans. Make sure they are chilled by the time the party starts. Also most people will bring some booze, try and encourage it.
I would not let people smoke indoors. This is because your parents will smell it and you might get burns on the carpet which are a real menis. Put ash trays outside and have signs on your wall.
As already mentioned make sure you have a sound system, with some good dance music.
Do not drink yourself, this way you can actually think if the police come round, or things are getting out of hand. Also have a story if the police come around, the best one I heard was we where filming for a school project, it is the only time we did not have the party broken up.
Spread the word on Friday lunchtime. Before then people will forget it, after then the will have plans.
Make sure you a couple big friends who will not drink and make sure everyone is in order. If you are charging to get they can collect the money. Also they will guard the area you blocked off.
Make sure you have you cell phone (or you could go to the neighbors house) as if things get out of hand, go outside, or into a area where no one else is around and call the police. They will break up the party, only use this as a last resort.
Rent one of those steam cleaning vacumes, and some stain remover. This a bit of planning ahead.
Well that is all I can think of right now.