The phrase in question means 'we're going to have a good time'. In this phrase, the pronoun 'lo' is used in Spain. Most of the other countries where Spanish is spoken choose to use 'la'.
In either case, the pronoun refers to the activity. Since 'la' is habitually used in Latin America (mostly), and 'lo' is habitually used in Spain, it doesn't matter what the activity is, gender-wise. Simply use the same pronoun that the native speakers are saying. When in Rome ...
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