At mine we did the following:

- nibbles on the table (cheese platters, dips, etc) and drinks for the first half an hour, as everyone arrived
- played several games while hot food was heating up
- breaked for 'lunch' - we had party pies, sausage rolls, fresh sandwiches, lamb meat balls, home made pizza, quiches, nori rolls, etc
- guests continued to eat while I unwrapped my gifts
- once I finished unwrapping pressies and had a gasbag to my guests, we had afternoon tea - tea and coffee with cup cakes, cake, biscuits, etc
- we wrapped up after that

It worked beautifully and several people commented on what a great time they had and how good it was.