From my experience:
1) Never throw throw the party at your own house (you can never really enjoy yourself if you have to worry about all your stuff)
2) move all breakables and valuables out of the designated party area (expect breakage & thievery - lock or block access to back rooms if possible)
3) Keep the party inside and/or in the back yard. no one by the front door and only specific people are allowed to open the door to let people in. (too much noise out front brings the cops quick. anyone opening the door leads to undesirables and unknowns.. and maybe cops all up in your house)
4) respect the neighbors (no parking in their yards, people out front anywhere on the street, cars honking/loud music, etc etc)
5) Plenty of plastic cups, paper plates/bowls, liquor/beer, snacks, chasers, ice, napkins, towels, garbage bags and friends to help you keep things under control (also plenty of girls, sausage parties tend to have more fights - balance is needed)
6) If the cops show up,
DO NOT LET THEM IN. Shut off the music, tell everyone to shut the fuck up and sit tight (don't try to leave, don't peek out the windows, don't turn the music back on, don't do anything), then go outside closing the door behind you and speak to them calmly alone out front. Don't offer up more info than what they need to know and address only what they came there to talk to you about.
They may ask to come in, or ask how many people do you have in there, to which you will say NO, and just a couple of friends. But on a first call, they may just ask you to keep it down with a warning that if they have to come back, they may issue a fine. You should usually be back in your party within 3-5 minutes if all goes well.
Use that as an excuse to remove all the unknowns and undesirables from the party and dwindle it down to a more exclusive bunch.
edit:
Also here is a cheesy "Know Your Rights" video I just found that reminds me of a similar video I used to have back in the day:
http://www.youtube.com/watch?v=yqMjMPlXzdA (go to 29:56)