ucb jr. for sure
http://www.ucbtheatre.com/laThursday nights at ImprovOlympic West (IOWest) is a great improvised show called DASARISKI. It is top fudging notch. Be aware that the saturday night Beer Shark Mice show (of which David Koechner is a member) often does not feature David Koechner.
The Steve Allen Theatre
http://www.steveallentheater.com/Largo at the Coronet of course, although that is the fucking opposite of cheap.
http://www.largo-la.com/largohome.htmlThere's a beautiful bust of Johnny Ramone at the Hollywood Forever Cemetary. Actually they're just starting the cinespia summer series at the cemetary where they show movies on a mausoleum wall just after dusk on saturday eves I believe. Get there EARLY.
http://www.cinespia.org/the arclight theatre, although not cheap by any means, is an awesome theatre and has fun screenings with director/actor Q&A's and stuff like 70mm prints of Ben Hur and shit like that.
www.arclightcinemas.comThe Silent Movie Theatre
http://www.silentmovietheatre.com/musicwise, check out what's happening at: spaceland, the echo, silverlake lounge, the smell, redwood bar, troubadour (although the troub is expensive)
Go to amoeba music just to take it in.
Great lowbrow art can be seen at
http://www.laluzdejesus.com/ there are also a number of galleries on la brea just south of beverly. I stumbled upon a Jill Greenberg show at one of them that was great. Just walk up and down those couple of blocks and poke your head in.
You can always get cheap tix in the back at the hollywood bowl which is definitely worth doing. and you can bring a picnic, including booze to that.
palms thai is pretty good inexpensive thai food and on weekends Thai Elvis performs.
The cat & fiddle is my favorite pub (morrissey's too). happy hour is 4-7 weekdays. the drinks aren't all that cheap (still around 5 bucks a pint) but they set out some free pub food. Usually banger rolls and stuff like that but if you get really lucky they spring the fish and chips on you.
Go to the beach. That don't cost nothin'.
You can crash on Stevie NoHo's couch. He can stay at Nate Hartley's.
Seriously, though. My folks always stay at this place called Orchid Suites. It's hidden behind the Hollywood/Highland monstrosity but it's very convenient and last I saw had rooms with kitchens in the $70 a night range which is CHEAP for LA plus you can save dough by making your own meals some of the time. There's a Ralph's right down the street.
Cheap Drinks is a toughie around here. I had a great place in Koreatown, but they took it away years ago. You can bring your own into UCB FYI.
Update with dates and if there's something I know of going on, i'll give you a heads up.