It would depend on the time of year too! Probably northern hemisphere summer time good time because of the holidays..
For location I would suggest South East asia, cause it's accesible for most western countries (relative cheap flights, cheap accomodation and cheap living/ partying) like Indonesia, Thailand, Vietnam...
We could rent out a big ass vila for cheap and have a lan party (wifi party nowadays?) and go out the bangkok streets and hang out and have a great time. Might give people a chance to extend their holiday day to for some other travelling and sightseeing.
Europe could be a good location too. Personally would be a good reason for me to visit home again, and WG
Could also be possible to host 2 locations, so it could be easier for americans/europeans/aussies to go to either location depending on their budget or location?