Question: What is another way of saying, "raise the roof"? This slang phrase means something like, "get noisy and have a good time at a party," but it doesn't sound correct for some reasons. 

Why is that? What would be better?

Answer: 
A few of the idioms i've heard:

"Tear the house down"

"Rock the house"

"Heat this place up"

There are others.
It seems "lame" because it's antiquated -- the only thing that spreads as quickly is slang is the knowledge that a slang term has become "uncool." 

"Raise the roof" is a dance move, usually used (the key word here is USED -- it's completely out of favor) in hip hop, in which you push the palm of your hands towards the ceiling as if you're raising and then lowering the roof over and over.

"Raise the roof" is also a phrase that expresses the sentiment that a group intends to "go out". It can also just be an expression of excitement. Depending on which meaning you're using, there are many ways to say it, and you probably don't need to use slang regardless of what group you're addressing. One alternative would be "Let's hit the club!"