As we mentioned in our newsletter, Studio 54 opened up on this date in 1977 (rumor has it Woody Allen was turned away on opening night!). It closed down by March 1986, but in less than 10 years packed in a lifetime of stories. Andy Warhol once said, "It's the place where my prediction from the sixties finally came true: 'In the future everyone will be famous for fifteen minutes,'" and today LIFE sent over a visual recap of the storied club's time at the top. 33 years after opening night, do you think a club like this could exist in NYC today like it did back then?