One of the cool things I found on StumbleUpon was this great tutorial on how to make Jolly Rancher infused Vodka. I'm personally more of a rum drinker than a vodka drinker, but I gotta tell you that sounds like a freakin' awesome idea...especially for a party.
As you might guess, the only things you need are a liter of vodka and 12 Jolly Ranchers in every flavor that you want to infuse, and of course flasks to pour it in.
I haven't personally tried this, but the article says its pretty strong stuff. It tastes like Jolly Ranchers going down then you get the typical vodka burn. It definitely sounds like something worth trying, then of course you can use the infused vodka in place of regular vodka and make some pretty cool drinks.
Get the full article and recipes.