Christmas Party With Eddie G. is a compilation that celebrates the tacky underside of the holiday. These oldies from the late '50s and early '60s rejoice in the offbeat and ludicrous without coming within a 30-foot spruce of the religious nature of Christmas. Rufus Thomas does a suggestive soul strut on ''I'll Be Your Santa Baby.'' George Jones and Tammy Wynette summon up twangy domesticity with ''Mr. and Mrs. Santa Claus.'' And a little kid named Augie Rios bounces through ''Donde Esta Santa Claus,'' in which two of Santa's reindeer are named Pancho and Pedro. Connecting all of these ear-popping novelties are comedy bits and old radio jingles. Christmas Party is a down-and-dirty yuletide blast from the past, but it isn't trapped there. It's that rarest of Christmas albums one you can enjoy all year long, year after year. A

