Audio Systems: Home Audio System, long periods of time, loud speakers

Question
Ive been doing a lot of research for a Home Audio System for my house. Im in college and we love to have people over and have parties and watch movies. I want a system where it has great bass and loud speakers for various types
of music and where we can play the music for long periods of time. Im willing to spend about $500-800. What do I need to look for in a reciever to power such a system? do i need high channel system or what exactly? also can i have some suggestions on what to buy?

Answer
I do not give equipment recommendations because there are so many subjective factors in making a choice.  

However, in the area of receivers, amps, speakers and systems there are many,  many to select from.  The best I can suggest is you visit a couple of shops; get a few ideas and then do check some reviews that are easily found on the Internet or Consumer Reports, etc.  For the budget you mentioned there are quite a few choices.  For the "bass" performance you want you better go in the shop and do some listening because bass sounds are among the most subjective of all; some want loud thumping, some want deep registration, some want both, etc.  

Choices will be between complete packaged systems OR separates with receiver and speakers and subwoofer.  

I would start at Bestbuy and go from there.  Check with Crutchfield.com and google shopping to get some ideas, too.

Best wishes.