Sentence:  The formal is about 95 per cent hype and hysteria, and about 5 per cent actual formal, and the pre-formal gathering of parents and kids is about as hypey and hysterical as it gets… After the <WSD>pres</WSD>, the night mirrors the increasing pain of high heels as they go from shiny and exciting to plain uncomfortable. 
Meaning of the word marked with <WSD> tags:  A preparty.