We did - Rachael wanted an "Ariel party", so we did an under the sea theme. Hung blue streamers from the ceiling to give the place an underwater feel, hung up fishnets with crepe paper fish in them, made seashell and mermaid candies, had the kids hunt for gold coins and trade them in for treasure from a treasure chest...and the Ariel cake, of course. She was happy with it.
I think we'll be toning down the party next February, since we'll have a three-month-old then...but she's already asking for a party at Chuck E. Cheese. Sounds good to me - let someone else handle the aftermath!