Very inspired thinking, actually, although I personally despise O2. ;) More seriously, something like the Millennium Dome is a nice, flashy venue that could probably handle both the "party" requirements - it would keep both the regular punters and the "VIPs" happy, I should think.
It's the "O2 Arena" now - you're living in the past. ;) It would make a good venue, but I doubt they'll give it to us for free.