Based on what you said - inexpensive housing, your best bet would be Allen or maybe Carrollton. Carrollton is like 32nd in the safest cities in the US, and is about in the very center of the DFW metroplex. It's aging in some areas but there's still a lot of very nice housing to be had for relatively cheap.
Allen is a little suberb that's slowly growing. It's just north east of Plano (mostly super rich, but there are some ghetto areas of Plano) Housing there seems to be super cheap - my friend - his 3 brothers all own houses within 2 minutes of each other, and they're pretty nice houses for the money they paid for them. (Albeit, two of their houses have a relatively small backyard) It's also just 15 minutes away from downtown and pretty close to all the locations you described above. (Frys, BB, etc)
Honestly - Dallas isn't "happening" on the social scale - we do have all sorts of sporting events, Deep Ellum (local hangout spot with lots of bars and where people go to on the weekends), The West End, etc. I don't know how old/young you are, but if you're looking to just party nightly, Dallas aint for you. If you're looking to just have some fun on the weekends, it's probably ideal.
Frisco like mentioned above is booming right now - it used to be a nothing small city filled with old people until they built a mall and instantly, it grew overnight. Housing isn't exactly cheap from what I heard - with the rush to be in Frisco, developers have a premium on the housing. It's a nice area though, although the roads in that area aren't exactly great. (121, the main inlet in and out of Frisco is a 2 lane highway :| )