We had a street party on our road this year. Done properly ie road officially closed, tables & chairs out, people brought loads of food & drink, games/ competitions for the kids, music (tasteful) through until early evening. We had one last year as well, so I suppose it is now a "tradition".
5 Precepts of Buddhism seem appropriate. Refrain from taking life. Refrain from taking that which is not given. Refrain from misconduct. Refrain from lying. Refrain from intoxicants which lead to loss of mindfulness