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Yes, some companies do sponsor philanthropic events as a way to help limit costs of the fundraiser to the organization, support philanthropic organizations and promote their business. I wouldn't ask for sponsorship of a regular party--I am sure it happens, but if I were a business owner, I wouldn't be impressed with the concept.
Good to ask--companies in your area that rely on students as a part of their business. Basically think of anyone who would want to advertise to students. Example: campus book store, pizza delivery place, local restaurants, office supply stores, bed and bath stores etc.
As part of the event, you may want to offer the company advertising on a t-shirt, in all event publicity etc.
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