Everyone has a balloon tied to his or her ankle. The object is to pop everyone else’s balloon without getting yours popped. Make sure players blow their balloons up sufficiently and use an arms length of string. Otherwise it is too hard to pop the balloon. Winner is the last un-popped balloon. Can turn the lights out for this game although can be a bit dangerous.
You can also do some modifications to the balloons if you want to adapt the game for different purposes. For example, if you want to make this an icebreaker game, have all players write their names or other info about themselves with markers in big letters, to help everyone get to know each other's names better.