The following is a real college guide to Vegas:
1st, stay on the strip so you don't have to take cabs everywhere (walking is good for you anyway). If you ever do take a cab, tell him you want to go around and get to your destination as fast as possible, rather than go down the strip (which takes forever).
2nd, go with like 5 buddies and all cram into the same room. To accomplish this just get your normal 2 room keys and split them between you, also space out your going up to the room if there is security at the elevators at like 5 am when you come back from clubs.
3rd, After sleeping in to avoid your hangover, go hit the pool for an hour or two, then try to shower and get to a buffet by about 4-5pm. This is when the buffets open for "dinner" as opposed to lunch. Then you just eat a ridiculous amount of the next 1.5 hours. Your second meal of the day will be alcohol anyway. The best buffets are the Aladdin and Bellagio.
4th, Gamble. Also use gambling as your means of free pre-gaming before going to the clubs. At about 9 or so start ordering those free crown and coke's or long islands at the table. Another key strategy is when you are waiting in line for the club (like Rain where the line is ridiculous) have half the guys stand in line holding your spot while the other half goes to the nickel slots. Put in a buck, sit there and pretend to play then order like 2 long islands from the waitress (tip her) and rotate with your buddies. Much better than paying $8 in the club for one.
5th, Get to clubs early (like between 10 and 11) if you are a group of guys. After awhile they just stop letting in guys and will only let in girls and guys that are explicitly with those girls. The bouncers are also on powertrips.
6th, The last night if you have a morning flight or whatever you can just check your bag at any hotel desk and then gamble/go on a bender all night before you get on the plane so you save a night's hotel costs.
7th, At the Barbury Coast there is a night spot that is supposed to be awesome starting at about 3:30-4AM but we never made it inside. They also have breakfast there (lots of food) for like $2 bucks, so it's a good stop after clubbing.
8th, Diff clubs are good different nights, and for different age groups. I particularly like Ra in the Luxor and Rain in the Palms.
9th, Lots of great strip clubs. I know we went to one strip club where we were able to call a limo to pick us up at any hotel, you all hop in, it will take you to the strip club (much nicer than a cab), and you get a reduced fee on your cover to the strip club. Pretty sweet deal, though you should tip the driver.