it's got potential, i'm fond of devil stories myself, and think if you went into more detail of your experiences with him, how you felt, more depth and description in the reactions of you and those around you and him...and definitly add more description to various aspects, the masks, the party, help us envision the environment rather than just a brief summary of the experience.
atmosphere my dear, give us an atmosphere.
Dreams are great skeletons for a story, but you have to add the flesh that your subconscious mind didn't...now it's time to add your own, conscious imaginings.