Yes, there are dances/social event. As for guests, they're on their own. Usually, they stay at a motel in Colorado Springs. As mentioned, each cadet gets so many passes that they can use each semester to "Leave the Yard". If you do really well in academics and other areas, you can gain additional passes. So, if a date comes to visit for a dance, or relatives come to visit, you can take off and spend the weekend with them. "Assuming you clear the time off with a pass IN ADVANCE".
For what it's worth, thanksgiving break, christmas break, spring break, and summer break don't require passes. And it's just about impossible to use a pass on Friday into Saturday, IF there's a home football game. You can use the pass after the game and go into Sunday with it. Each physical DAY, NOT 24 hours, counts as a pass day. E.g. you leave the academy on Saturday after the football game; stay at a local hotel with family, and come back Sunday at 5pm, that counts as 2 passes.