Not the cheapest for sure but the absolute Vegas experience is Caesars Palace. That is pure Vegas. Best of everything, Location, service, rooms, atmosphere.
Here is a map of the strip. You will see that Caesars is right in the middle.
http://www.vegastodayandtomorrow.com/condomap.htm
Visit www.kayak.com they book hotel/motels.
Stratosphere has rides and two Starbucks. 50's type diner.
Mid point between downtown and the popular southern strip areas.
Right in the Action would be Flamingo. Tennis. Pool. and stuff.
Caesars, Bellagio, Ballys close by within walking distance.
Longer walking distance is the Planet Hollywood, MGM, Tropicanna.
Tropicanna is a happening area.
Cheaper might be Terribles about a 1 mile walk up to Flamingo, Ballys area.
Imperial Palace is right in the middle of the strip, and is the most popular budget hotel option. The rooms are clean, but dark and without any charm. The Capri rooms are the absolute cheapest but they are more like motel rooms in the back.
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Deluxe rooms are $40, $45, $50, and $55 midweek depending on the week you go in April. There are two room types below Deluxe (Classic and Capri). There are two types above Deluxe (Luv Tub, and King Suite). The higher rooms are very overpriced. The Capri rooms are dumps. Go for "classic" only if they are out of "deluxe".
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Weekend rates are $85 to $110.
I suggest these hotels
Venetian Resort Hotel Casino Las Vegas http://hotels.americacheaphotels.com/Hotel/Venetian_Resort_Hotel_Casino_Las_Vegas.htm
Bellagio Casino & Hotel Las Vegas http://hotels.americacheaphotels.com/Hotel/Bellagio_Casino_Hotel_Las_Vegas.htm
Mgm Grand Hotel & Casino Las Vegas http://hotels.americacheaphotels.com/Hotel/MGM_Grand_Hotel_Casino_Las_Vegas.htm
Mandalay Bay Resort And Casino Las Vegas http://hotels.americacheaphotels.com/Hotel/Mandalay_Bay_Resort_and_Casino_Las_Vegas.htm
Treasure Island Hotel Las Vegas http://hotels.americacheaphotels.com/Hotel/Treasure_Island_Hotel_Las_Vegas.htm
For Cheapest hotels on the strip in Las Vegas
Tropicana Resort And Casino Las Vegas - on the strip
http://hotels.americacheaphotels.com/Hotel/Tropicana_Resort_And_Casino_Las_Vegas.htm
Excalibur Hotel and Casino Las Vegas - south strip - adjacent to MGM Grand Hotel and Casino and New York New York Hotel & Casino
http://hotels.americacheaphotels.com/Hotel/Excalibur_Hotel_and_Casino_Las_Vegas.htm
Imperial Palace Hotel & Casino Las Vegas - in the heart of the Las Vegas Strip
http://hotels.americacheaphotels.com/Hotel/Imperial_Palace_Hotel_Casino_Las_Vegas.htm
Circus Circus Hotel Las Vegas - is at the north end of the strip.
http://hotels.americacheaphotels.com/Hotel/Circus_Circus_Hotel_Las_Vegas.htm
Stratosphere Hotel & Casino Las Vegas - at the top of the strip
http://hotels.americacheaphotels.com/Hotel/Stratosphere_Hotel_Casino_Las_Vegas.htm
How much are you planning on spending per night? If you don't have a cap, the Venetian is absolutely beautiful and in a prime location. It is $200/night for the cheapest room, however it is completely worth it :-)
MGM grand and NY NY are I think the best hotels to stay in and are also center for many activities around the strip.
Any casino hotel has action but the best would be Venetian or Palazzo or Wynn or Encore
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