Register at every casino you walk into. They have reward programs, and you put the cards in the machine and it keeps track of how much gambling you do. If you register, they will send you discounts for shows, meals, and hotel stays. Last time I went there, I stayed at the Imperial Palace for 4 nights. The cost? $0. Yup, I checked out after 4 nights, and didn't pay a dime. (And Imperial Palace is right in the middle of the strip.) They want you spending money in their casinos, restaraunts, and gift shops and for their shows. They'll do what they can to get your dollar. I don't even gamble much, but I do spend money when I am there, and they want it all.
Take a notebook and keep track of what you do, where you go and what you see. You'll want ot know where the good places are if you go back.
Go to Vegas.com and LasVegas.com. You can look up shows, and sort by price. You used to be able to search for free shows. Alot of the hotels put on shows to get people inside, some are free. Try to plan at least one show you want to see ahead of time so that you are sure you can get tickets. Then wing it the rest of the time.
If you can, bring a laptop with you. You can log in from your room, and look up events.
For food, I always heard that they had great buffets there. I didn't find any that I would brag about, but the one at the Luxor wasn't bad. (Just don't eat the beef in the Chinese food section, tasted like fish. Yuck.) Alot of places will give you a discount if you purchase show tickets and a meal ticket at their buffet.
I agree 100% stay away from the time share people. They are relentless. If you have a camera hanging around your neck or on your belt, you look just like a tourist, and they will pick you out from the middle of the herd.
I have stayed at Harrah's. Great place.
I have stayed at the Flamingo. Best hotel I have ever stayed in.
I have stayed at the New Frontier. Blown up sir!
And Imperial Palace. Not the best, but it was a nice room, clean and free.
My wife and I go at least once a year, have been 5 times. We started a document that lists places we have been to, and shows we have seen and our likes/dislikes. We also had a friend update it when they went. If you are interested in it, PM me, and I'll email it to you. Ok, that's enough typing for me. I'm getting Carpal Tunnel Syndrome.
Edit: Also, there is a monorail that runs pretty much the length of the strip. My wife and I would walk to one end of the strip, and then after walking all day, would ride the monorail back to the hotel.