Madrid budget suggestions anyone?

I along with a friend will be in Madrid for 2 nights in mid-March, the 15th and 16th to be exact, and I'm wondering if anyone can suggest a simple,yet safe budget accomodation. i will take up some sight seeing during the day but the main focus is on nightlife. We're going there to party!!Therefore, is location a factor?

[ 02-26-2002: Message edited by: MadridMan ]

Hi D-Boogie,
How much are you willing to spend? Are you looking for a place to crash after a big night?

near metro Tribunal: Hostel Nuria, double room 36 euros with sink,shower,TV and heater. Rooms with 2 single beds are 31 euros.The single room is 25 euros and there are triple rooms (3 single beds) for 40 euros. There are rooms with bathrooms en suit between 35 and 40 euros for single and double beds. The room that I stayed in was quite noisy because there was a night club around the corner, but if you´re looking for a party area, you´ll find one there.

near metro Tribunal: Hostel Medieval, 30 ($25) euros for a double room, with shower, but no toilet in room; 35 euros ($30-ish) for full bathroom en suite. It´s owned by a nice older couple who really went out of their way for me and my boyfriend while we were staying there looking for an apartment.
It was bit quieter here, and it´s just down the road from Hostel Nuria.

near metro Atocha: Hostel Buelto. This was recommended to me, but didn´t stay there. I just went in for information and it looked nice. A double room was 36 euros without a bathroom en suite, and I believe if you get 2 beds it´s a bit more (42 euros)

There are some nasty hostels around Sol, the same prices as the others, but be careful, some will charge you for using the shower! (only 1.20 euros, but just make sure you know what you´ve paid for with the room!)

Well, good luck and have fun!
Lesley