We've done foam parties here where we live while wearing white and have not stained anything. I do agree with keeping your eyes away from the foam.
I find it really funny that I posted on this thread before that I probably wouldn't go in, and on our 1st Friday night there I didn't. On our 2nd Friday night Tats from NV grabbed my hand and said, Danny, you're going in. OMG I am so glad she did. It was an absolute blast and very liberating. My clothes didn't get stained but when I wrung out my skirt the foam was kind of blue. I also recommend taking your shoes off before going in, if possible. My flip flops felt really slippery all of a sudden and I felt much safer barefoot