Downtime_1, I like your style. Bass is definitely where the fun is. If you really want great bass, you'll need a subwoofer regardless. Nothing else competes with a sub for bass.
Also, remember that each time you get louder, sound quality usually takes a hit someway somehow.
Studio monitors are for bedroom setups (or small studios) and they focus on sound quality over high volume. When you consider they're for 1-2 people, they do very well.
If you are doing just house parties (<35 people dancing), a home theater setup will work, but it's not ideal. If you do this, disable all effects in the receiver and do plain stereo... with a sub.
The PA route is better and a lot of people start out with either Mackie Thumps or the B52 Matrix 1000. The latter has a sub. Both are basic and can drive crowds of about 75 people on a dance floor.
Above that, the dollars get larger but the SPL gets serious and you can drive bigger crowds on the dancefloor. Need more sound at this point? Buy more speakers...
Now switching gears to sound sources, it's generally your preference. Mixers and Sound Interfaces (even from controllers) typically have great sound quality. Of course, even they're limited to garbage-in garbage-out, so pick your sound sources carefully.
Living in Canada he is just better off spending $50 to $75 to rent a system from Long and Mcquade.
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