Let's see, in '94 I was... oh my... 19??? I'M OLD!!!
I guess what really stands out in my mind is the whole grunge/"lumberjack vixen" look that Heather mentioned, plus the New Romantic look (velvet baby doll dresses, chokers, knickers, newsboy caps, lace blouses/ jackets... eesh). Any of that stuff would make great outfits for the party.
For music, there's the aforementioned Hootie/Cheryl Crow/Nirvana (I also had a poser friend who suddenly became a huge Nirvana fan after Cobain offed himself
), and let's see, Gin Blossoms, Collective Soul, Aerosmith's Get a Grip album... who am I forgetting??
The Nancy Kerrigan thing might make a funny game... maybe make some kind of harmless "club" (like an empty wrapping paper roll) and do some kind of relay race or keep-away game involving clubbing each other's knees? (Sorry, I'm not good at coming up with games!)
Sounds like a fun theme. Hope it all comes together. Have fun!