i go through the exact same thing you have described.  and like you, i tolerate it and try to be understanding to it during the day even though it is still annoying then.  but it is also done late at night - after i am already laying in bed (which faces their backyard).  they also have family gatherings - including karaoke - that have gone on after midnight on sunday nights.  i hate to be that neighbor that calls the police, but my gosh, i have to go to work!!

Seriously noise cancelling headphones $179 at Best Buy.  What is code enforcement going to do?  Code enforcement can't even get the neighborhood  cleaned up. 

how will we ever hear our alarms to wake up in the morning??

If the parents are home have you talked to them?  What did they say?