The Valentine's Day Celebration was a party that happened in February 2006. The Penguin Band was playing in the Night Club. The Night Club was decorated with love hearts on the dance floor. It has been the only Valentine's Day Party in Club Penguin. There were no free items [1].
Trivia
Billybob once said this wasn't an official party but was just an event like the easter egg hunts.
Sources and References
↑Please know that seeing how this was a short and small party, no free items were given away. - Club Penguin Support