celebrate vs party

celebrate is not a noun while party is a noun.

Word	Noun	Adjective	Verb	Adverb
celebrate	No	No	Yes	No
party	Yes	No	Yes	No

As verbs, party is a hyponym of celebrate; that is, party is a word with a more specific, narrower meaning than celebrate:

celebrate (noun)	party (noun)
	an occasion on which people can assemble for social interaction and entertainment
	a gathering of people for pleasure
	an organization to gain political power
	a band of people associated temporarily in some activity
	a person involved in legal proceedings

celebrate (verb)	party (verb)
have a celebration	have or participate in a party
behave as expected during of holidays or rites
assign great social importance to