There are lots of great hostels in Madrid...it all depends on what you are looking for! Try the link off MadridMan's home page for a list of hostels and their contact info. Once you have a couple in mind, you can do a search on the message board, or ask specific quesitons. Lots of helpful information and reviews have been posted!
Good Luck laugh
Kelly
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"Ojos que no ven, corazón que no siente."