The term 'PARTY TIME' can be broken down into four crossword solutions: EVE (3 letters), ITS (3 letters), NEWYEAR (7 letters), and NEWYEARSEVE (11 letters). EVE is a reference to the biblical figure who is traditionally seen as the first woman created by God. ITS is an abbreviation for 'it is' or 'it has'. NEWYEAR is a reference to the start of a new year, which is often celebrated with parties and festivities. Finally, NEWYEARSEVE is a reference to the night before the start of a new year, which is also often celebrated with parties and festivities. Together, these four crossword solutions form the phrase 'PARTY TIME', which is used to express the idea of celebrating and having fun.