This question has come up a few times recently, so I thought I would repost it here on the new forums.
For reference:
"Discard 1 card from your hand. Special Summon as many "Harpie Lady" cards as possible from your Graveyard. When this card is removed from the field, destroy all of the monsters that were Special Summoned by this card's effect."
When you activate "Hysteric Party", you must pay the cost of discarding 1 card from your hand. This effect is only activated when "Hysteric Party" is activated (flipped face-up).
The effect that says "When this card is removed from the field, destroy all of the monsters that were Special Summoned by this card's effect" is a Continuous Effect, similar to that of "Call of the Haunted".
You cannot discard additional cards later in the Duel in an attempt to reuse the effect.
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Curtis Schultz
Official UDE Rules Dude
CurtisSchultz_Netrep@Hotmail.com