Formal:
* Amusez-vous bien! (This is the most common and polite way to say it.)
Informal:
* Amusez-vous! (Shorter and more casual.)
* Faites la fête! (Literally "Party!" - implies a more lively, social kind of fun.)
* Profitez bien! (Means "Enjoy yourself!" - implies a more relaxing, personal kind of fun.)
Informal, playful:
* Éclatez-vous! (Literally "Explode yourselves!" - implies a really good time.)
* Faites-vous plaisir! (Means "Do yourself a favor!" - implies indulging in something enjoyable.)
The best choice depends on who you're talking to and the situation.