Cachondeo
kaɪwɒn wantuː zaɪəɹəfɔː kawɒni watuːŋksɪɐfɔːɹəʊ tə dʒəʊk ɐɹaʊnd ɔː kɪŋwɒn sɒŋwɒn ʲyɜ kjuːeɪfɔː kɪwɒŋŋsəwɒŋŋ juːtuːkjuːɐfɔːɹi ɹɪlakst and hapi
In Chinese 开玩笑 (kāi wánxiào) - To joke around; or, 轻松愉快 (qīngsōng yúkuài) - relaxed and happy.
Lighthearted fun, joking around, or a state of good humor and lightheartedness.
Example
"Estábamos todos en cachondeo en la fiesta."