der Abriss
demolition
The destruction and removal of a building or structure; dismantling.
Der Abriss des alten Bahnhofs beginnt nächste Woche.
The demolition of the old train station begins next week.

demolition / outline / blowout
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demolition
The destruction and removal of a building or structure; dismantling.
Der Abriss des alten Bahnhofs beginnt nächste Woche.
The demolition of the old train station begins next week.

'Der Abriss' is the noun form of the verb 'abreißen' (to tear down / to outline). The different meanings of the noun—destroying a building, giving a summary—correspond directly to the meanings of the verb.
Man reißt ein altes Haus ab. Das Ergebnis ist der Abriss.
You tear down an old house. The result is the demolition.
You can easily recognize the meaning from context. If it is about buildings and construction sites, destruction is meant. If people are talking about topics, books, or history, a summary is meant. In the context of parties and concerts, the colloquial meaning is meant.
Für den Abriss der Brücke wird die Straße gesperrt.
The road will be closed for the demolition of the bridge.
In the meaning 'Zusammenfassung' (summary), the word is very often used in the fixed expression 'einen Abriss geben' (to give an outline) or 'einen Abriss von etwas geben' (to give an outline of something).
Können Sie uns einen kurzen Abriss der Projektergebnisse geben?
Could you give us a brief outline of the project results?
The meaning 'wilde Party' (wild party) is purely colloquial or youth slang. Use this expression only in very informal conversations with friends.
Das Festival am Wochenende war der absolute Abriss!
The festival at the weekend was an absolute blowout!
party
'die Party' and 'der Abriss' can both colloquially refer to a celebration or party. 'Party' is the normal word for an event where people celebrate. It can be quiet, large, small, private, or public. In this meaning, 'Abriss' refers to a very wild and exuberant party. The word is strongly colloquial and does not fit formal situations. There is also a risk of confusion because 'Abriss' can normally mean something completely different: the demolition of a building or a brief overview. For neutral situations, 'Party' is the right choice; use 'Abriss' only informally when the atmosphere was very extreme.

Nach dem Konzert wurde die Feier im Studentenheim ein richtiger Abriss.
After the concert, the celebration in the student residence turned into a real blowout.
Die Party bei Anna war schön, aber nicht besonders laut.
The party at Anna's was nice, but not especially loud.