When it comes to blue nail polishes, there are four that I've come across so far that are swoon-worthy:
Sephora Blue Sapphire P07 (blue jelly with glitters)
Teeez Cool (blue holo)
KOH Blue Universe (blue with flakies)
TheFaceShop Face It BL602 (blue/purple duochrome)
Shown here is Sephora Blue Sapphire P07 glammed up with silver French tips. I think this would be a cool nail look for a New Year's Eve party. Best of all, it's so easy: just apply a couple of coats of the blue jelly and then apply a thin strip of silver at the tips.
For this, I prefer to free-hand it. A tip painter with a fine brush would be handy (just paint across the nail). If you haven't got that, you could use any silver polish with a conventional brush and do a few strokes in the direction of the nail tips. Here, I've used the silver Essence Multiglitter Tip Painter.
Seal your handiwork with a top coat and you're done!
More photos: Bathed In Light