Throw a party — and do some conjuring, perhaps? (9)
I believe the answer is:
entertain
I believe this is a double definition.
'throw a party' is the first definition.
(as in entertaining or hosting guests)
'do some conjuring perhaps?' is the second definition.
(a magic trick might entertain people)
'and' is the link.
(Other definitions for entertain that I've seen before include "harbour" , "Have a mind to - have a party" , "Create a diversion" , "Play host to" , "Amuse - give hospitality" .)