Michael Schoch, Answers questions on Noodle
You can get a lot of information on the social life and partying scene at University of Illinois at Chicago by reading the questions and answers on its Noodle profile. There is a question on there about the top 3 things to do for fun, and it has nearly sixty answers from students and alumni.
I can tell you that UChicago is not known for being a party school and was in fact listed as among the tamest schools in the states. It also has an unofficial motto attached to it: "where fun goes to die." Of course, these lists are subjective and should be taken with a grain of salt.
It's also hard to give an objective answer regarding the safety of the area surrounding UChicago. This article in the Atlantic does a good job of explaining the complexities around discussing crime, violence, location and race in Chicago. The article does mention that the University of Chicago's campus police is one of the largest private security forces in the country, which may be a source of comfort or unease to you, depending on your outlook.
You can learn more about community safety and student safety services at UChicago by visiting this page on the university's website.
Finally, I'd recommend speaking with an admissions or campus life officer about partying and safety at the school. Many university employees will actually give you an honest and thoughtful account of what goes on with its students, instead of trying to tell you what you want to hear. You can reach the school at (312) 996-7000.
Skim through these resources to see if they're helpful and make sure to call the school. If you get stuck, confused, or concerned by any of the information you find, feel free to ask a follow up!