Even if you have to lock your door and turn people away with an explanation "my friend kinda got caught up in his enthusiasm and didn't stop to think it's my butt on the line, sorry dude," don't do it.
You're the one who would have to live with losing your parent's trust, not anyone else. Which means, rest assured, the one night of popularity would come with one HELL of a high price tag - with you being the one paying it, not them.
Talk to your gf, see if you can get her on your side so to speak, after all, you'd not be seeing much of her when your parents found out! So she'd be gaining the "benefits" of this situation as well, after the fact.
Best case - it would go quietly and smoothly, you'd be left with one HELL of a cleanup, and sooner or later, no doubt, your parents would find out through a chance comment of a neighbor or friend. And believe me, as a teen I only had a couple people over when I wasn't supposed to, and mine were pissed about THAT.
Worst case - you've got a bunch of kids coming and going, and even if it's not drinking or fighting, the number of kids and the noise level that tends to go with it gets noticed by the neighbors. Either they come a'banging on the door, or they call the cops. Either way, I'm pretty sure your parents would not react by being thrilled with you
If you CAN nip it in the bud, do it. Hell, take the easy way out and say something like "look man, there's no way we can do this, my neighbor has been checking up on me at night for my parents, I want to live to see my next birthday you know! And my parents would f-ing KILL me!" As a parent I can tell you, we don't mind at all taking the fall for being the "bad guy" when it comes to getting you out of a situation more easily! Even if he presses, stay firm, yeah, he'll probably be disappointed, and you'll probably get a bit of crap for it from some of the guys at school, but keep in mind - they're sure not offering to take the risk to get their butts fried. Especially with a good few teenage year left, the last thing you want to do is give your parents reason to think they have to stay on top of you more cause they can't trust you out of their sight.
Somehow I don't think he'd be so enthused if it was his butt on the line!