Click on one of your guests, and is says "say goodbye to..." click on that it says the sims name or everyone.
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Yes your Sim can have a party in the Sims 2 on PSP. From your Sim's menu go to the inventory and select their phone. On the phone menu there will be an option to throw a party.
Sims Life stories is an add on to Sims 2. I suggest getting the Sims 2 double deluxe, it comes with the Sims 2, Sims 2 night life, and Sims 2 celebration. Sims 2 Celebration has a lot of things you can do to make really good parties, barbe que's, and weddings!
Once your two married sims become elders, go to the phone and select the "Throw Party" option. One of the options should be "Anniversary Party".
When they reach the end of their life span. :(
On Sims 2 you can buy wedding arches in the 'buy catalogue' under party i think. On My Sims you cannot get married, i don't think. On Sims 3 you have to go to a church. Hope i helped