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The site's major weekly scheduled event has a great guaranteed prize pool.
On Sunday July 26th at 12:45pm ET, Party Poker will be hosting a significant tournament for online poker. The "$300K Guaranteed Sunday" offers a huge guaranteed prize pool and should have some great competition. The tournament buy in is $215 including the site's fee and the format of the tournament is No Limit Hold'em.
Despite being a major tournament, the site often has to fork over some of its own money to live up to the guarantee. Final table deal making will be possible and there are a lot of satellites still running ranging from just $3 to $117 (in one tournament you can use points). The blinds will be starting low at 20/40 and there will be plenty of time to wait for hole cards as the blinds will only increment every 20 minutes.
You will need to register (it's free) with Party Poker and to make a deposit to play in this event.