Wedding Etiquette Forum

Post-Reception Party Etiquette

We are planning to have our ceremony and an extended (2 hour) cocktail hour reception in one location as our wedding.  However, we still want to have a bit of party and dancing afterwards.  The catch is, our budget can't include a full dinner, DJ and drinks for all our 100 guests.  
We are tossing around the idea of inviting the wedding party and a handful of others (around 25 total) to come and join us for a night out on the town after the reception.  We are still in the brainstorming process, so we have a bunch of questions:
Is this totally inappropriate or unheard of?  
Would it be MORE acceptable to include ONLY the bridal party in these festivities?
Will we be expected to pay for everyone?
If we extend the invitation to everyone at the wedding (as not to break hearts) will we need to contact the bars we plan on going to beforehand?
Should we exclude close friends from the guest list for the wedding if we can't invite them for the after-party as well?
Thanks in advance for all of your insight!

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