A bachelor party (also called a stag party, stag night (UK, Ireland and Canada), or bucks party (Australia)) is held for a groom-to-be shortly before he is married, to make the most of his final opportunity to engage in activities a new wife might not approve of, or merely to spend time bonding with his male friends. This kind of party may involve activities such as going to a strip club, hiring a female stripper or escort, drinking alcohol and gambling.
The task of organizing this pre-wedding party is often assigned to a male sibling of the groom-to-be. And in the absence of a male sibling, a male friend will organize it. The task often falls to the best man as well.
The tradition is thought to have originated with a bachelor dinner that was traditional in ancient Sparta.
From Answers.com - Bachelor Party
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Source: http://en.wikipedia.org/