Dan, Vegas ain't no place to go on the cheap but there are cheap but fun things to do. Here's some advice:
1. Take a walking tour of all the casinos along the Strip. Start at Mandalay Bay and check it out, especially the pool area if they'll let you in without being a hotel guest. From the Mandalay Bay walk the hall that leads to the Luxor and then on over and through Excalibur. From that point cross Tropicana Blvd and tour through NY,NY with a stop in one of the small restaurants along the part that looks like old New York City ... pretty good pastrami sandwiches there. Then cross over to MGM Grand and see the lions. Continue your tour on down the Strip and check it out. Each hotel/casino has something interesting to see inside.
2. If you have a car drive on over to The Orleans and try their buffet. It's the best one in town for the price. The coffee shop food is pretty good too. And the Mexican restaurant serves 99 cent Margaritas during certain hours (most likely 4 - 6 PM). Then drive on over to the Palms and see a movie (good theater). And then over to the Rio to check out their free pageant in the sky thing.
3. Then head on back down to the Strip and watch the Pirate battle show thing at TI with a trip across the street to the Venetian with a short stop off in Tao (top nite spot in LV). Early enough and there is no front door fee. Then walk along the Canal Shopping Plaza.
Can't get much cheaper than all of this.....
4. Next day head on down to Fremont Street with a stop for lunch or dinner in the Golden Gate Hotel cafeteria (it's in the back) for a great sandwich (the best in LV) and a real cheap shrimp cocktail. Get their free Player's Card and it'll only cost ya 99 cents. If you are there in the evening, you can see the free show that is projected overhead called the Fremont Street Experience. Visitors love it.
5. Next day drive on over to Hoover Dam and see the new by-pass road that they are building. It's gonna be the next World Wonder. Or a ride through Red Rock Canyon (admission fee now). Great photo shots.
6. If you plan to see a show while you are here , there are a couple of 1/2 Price Ticket outlets along the Strip (Ask where) that offer some pretty good show deals. Not really 1/2 price but damn close. Or get a free pass from some kid along the Strip (usually in front of Harrah's) for one of the afternoon shows........
7. Best thing though is to search for and sign up at any casino that gives you free "money" to play in their machines. I always take advantage and walk out with $10 to $60 of their cash in my pocket. In most casinos you can only do it once though.
8. Sit by your pool and soak up the sun.
Tons of stuff you can do here that won't cost you a lot of money. But it's a lot funner if you're loaded, but it costs to get into that condition. But not a lot, so get loaded and go bowling on that one nite in the week where they bowl with all the lights out at the Rio.