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The proposal has emerged out of discussions following last weekend's keg party in which 5000 young people - most in colourful fancy dress - packed out the street in the city's student quarter.
Civic leaders said the similarity to Wellington's highly successful Sevens event had been noticed.
"Without wanting to put too fine a point on it, both events are about the same two things - dressing up and partying. And they're both incredibly popular," a spokesman for the working party behind the plan said.
The fact there would be no central sporting focus was not seen as an issue "because in Wellington nobody watches the rugby anyway."
An entry fee would help cover the cost of stadium hire and to pay for extra security to stop students climbing on the roof of the stadium to avoid a repeat of the Hyde St roof collapses.
There would possibly be ''funding requirements'' for the city, the spokesman said, but those issues would be dealt with in a non-public meeting later in the week.
Initial submissions on the plan close at noon today - and so does this April Fool gag.