A.S.
A girlfriend just had two events for her two year old that were fun. The best was renting a moonbounce for the backyard (if you have one). The little kid moonbounce rents for $75-175 around here. The rental company puts it up and takes it down. (And yes, it was ok for us adults to use it too!!)
The second thing she did was rent out a church play room. Her church had a ball pit and she got pizza for the kids. I don't know if any of the churches have anything like that around here, but I know they probably have a gym big enough to rent a ball pit or moonbounce. Good luck!