There is ALWAYS something to do. Shows are great. O, Le Reve, Love, and Zumanity are some of my favorites.
Clubs are everywhere. If you want a typical Las Vegas nightclub, go check out Marquee- one of, if not, thee best.
Krave is the "straight-friendly gay club". All kinds come here, it's always a wild party, very popular with locals and travelers alike, and it's right on the strip. I've been here twice and for someone who doesn't like clubs, it was pretty fun, people are friendly.
Off the strip, as far as gay clubs go (I have never been to any of them, I don't generally like gay clubs): Piranah- 8 1/2 is popular, as far as I have heard, but about a mile off the strip.
If you like a mellow, low-key gay bar, check out Funhog Ranch. It's a leather daddy bar, but kinda like a regular hole in the wall, that happens to be geared towards gay guys. About a half mile off the strip. Cheap drinks, video poker, every once in a while, they'll have something fun going on.
Check out www.gayvegas.com
for all the gay hotspots, entertainment and news in Las Vegas.
Have fun, play safe, don't get your heart broken.