If you want to party, the Hard Rock Hotel is infamous for 20-somethings staying there. It's a great crowd and there's always something going on. I also like New York New York, it's cheesy but affordable and right in the middle of the strip. they have nice rooms and if you are lucky and know a high roller there, the suites come with a jacuzzi tub surrounded by mirrors!!!!
It depends on when and how you book. I got a great room at Paris for $78 online through Travelocity. But the average for a double size room at almost any hotel will range from $100-$175. Try to find a good deal online through one of the travel sites. You are guaranteed a better price.
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