First, the answer is an absolute yes. Hackathon would be great. I would rather do that all night the first night than go to a party (realizing, of course I just posted this on the internet, and now look amazingly lame). I think the two most important things are internet access (which you have covered) and good working space - for example, folding tables, chairs, and powerstrips are more than fine (in fact, we can bring our own of the later), but places we can sit next to each other will be key.

And energy drinks.