excalbur is great if you want to get hit on by 40-yr old yuppies...
I suggest to take the redline up to fullerton (or drive) and go hang out in Lincoln park, its a college area (Depaul) and there is always something going on as well as rows of bars. I would also suggest Deja-Vu (open till 4am) I forget where it is though... halsted? You can also goto Wicker Park and hang out there.. many bars, a good time.
Stay away from the big clubs, you will come out broke, not drunk. I tend to frequent "holes in the wall" as it were though, but to me the beer is cheaper and people much more interesting.