Every year the SO and I host a Fourth of July swim party and BBQ. Some years we've gotten pretty fancy with the menu -- one year it was slabs and slabs of ribs, one year lobster tails -- but this year we're opting for good old-fashioned hot dogs and hamburgers with all the trimmings. That way we can enjoy the fun too and not spend the whole time cooking and serving.
We always serve root beer floats for dessert because that's what my parents did when we were kids. :-) Tradition is nice, so long as you're not strangled by it.
Anyway, if you're in the States, here's to a happy and safe Fourth of July!