When I was of a similar age, me and three friends done something similar. Ish. We emptied my mate's dad's storage shed and turned it into a cocktail bar. After a while we got bored of sitting in a small shed that smelt of paint. Then his dad put the lawnmower in there and there wasn't enough room for us. Ah well, folly of youth and all that.
Anyway, the film is great for the first half, then spoils it a bit by doing the pissy, John Hughes 'teenage issues' thing.