Yep, fancy dress at home (so much fun!). Have a theme and ask everyone to 'bring a bottle' (preferably of bubbly!).
What I normally do if I have people round during the winter months is a big pot of chilli and lots of jacket potatoes and fresh baguettes (very cheap to do) - these go down a real treat and fill people up enough so you don't need to worry about doing lots and lots of nibbles.
Add some fab music and you'll have a fantastic new years eve.
If it's not raining at midnight, pop outside for some fresh air and to watch some fireworks (not sure about where you live but where we live it's like bonfire night all over again!), and it's lovely watching the fireworks with a glass of champagne in hand! Then it's back inside for lots of silly dancing into the wee hours!
Have fun!