PLANNING A LAVISH HOLLYWOOD PARTY? Inviting both Madonna and Marky Mark? Better reconsider. Right now the Material Girl, 34, and the Ripped Rapper, 22, are both cooling down from a confrontation that their hostess characterized as "the hip-hop version of the OK Corral."

There are varying accounts of what happened on July 31 at the Spanish-style Hollywood Hills home of talent manager Gerry Harrington and his wife, journalist Angela Janklow Harrington. The occasion was a 29th-birthday party for Harrington's client Alek Keshishian, best known for directing the 1991 Madonna documentary, Truth or Dare.

Liz Rosenberg, Madonna's spokeswoman, blames the fracas on Mark, who, she says, started it all by calling one of Madonna's group "a homo." If that's true, it would be a falling off the tolerance wagon for Mark, who has already had to apologize for past anti-black and anti-Asian incidents.

One observer, though, says it was Madonna who copped an attitude first, apparently because she believes Mark has been "dissing her in the press." "You're not my friend," she reportedly told the man in the barely legal briefs. Then the two exchanged what the New York Daily News characterized as "sexually explicit insults." At some point, L.A. nightclub impresario John Enos stepped in to defend Madonna's honor. Marky reportedly shoved him. Janklow yelled, "Take it outside!"

The semi-rumble then spilled into the courtyard, where Guy Oseary, who scouts recording talent for Madonna's Maverick Productions, was punched in the nose, allegedly by Mark. "Guy will probably press charges—I think Marky broke his nose," said Rosenberg.

What also may be shattered are Marky's recently established relations with the Gay & Lesbian Alliance Against Defamation. A public-service announcement that Mark was to film for the group, says a spokesperson, is now "on hold until we verify what happened."