A party or social that allows alcohol for those of age, and not for those who are underage. Usually the alcohol is served in a roped off section, where I.D must be given and no alcohol is permitted to leave. Most wet/drys are held in a university setting, where there are both of-age and underage students.
"Hey, are you going to the wet/dry at the bar tonight?"
"Naw, I don't have any money."
"I love wet/dry events! I'm underage, but I love the break from studying."
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