Parties as Knievel breaks records, exhausted (6)
I believe the answer is:
revels
'parties' is the definition.
(I've seen this before)
'knievel breaks records exhausted' is the wordplay.
'knievel' becomes 'evel' (I've seen this in another clue).
'breaks' is an insertion indicator (inserted letters break into the word).
'exhausted' suggests removing the centre (the word is emptied out or exhausted).
'records' with its middle removed is 'rs'.
'evel' inserted inside 'rs' is 'REVELS'.
'as' is the link.
(Other definitions for revels that I've seen before include "Parties" , "Carousals, high jinks" , "Celebrations with levers" , "Noisy festivities" , "Our . . . . . . now are ended (The Tempest)" .)