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In order to be an official Launch Party host, you'll have to apply, be reviewed, and hope to be approved. Please do not party if you are not approved by Microsoft.
In all seriousness, you are set up with some nice schwag if you become an official host, including a special Signature Edition copy of Windows 7 Ultimate.
You'll also get a "Windows 7 Party Pack" that includes Host Help Videos, Host Notes, and other materials to make your Launch Party fun. What those materials would be, we can't say -- Windows 7-flavored candy? A Ballmer piñata? A packet of whatever substances those insanely happy people in the header photo are on? One can only hope.