While Vegas is a great place to visit, NOLA comes in a very, very close second, and when experienced properly, can even be better than Vegas.
Here's what to look / do IMO.
#1. Acme Oyster Bar. 724 Iberville St.
http://www.acmeoyster.com/ When walking down Bourbon Street from the main drag you will make a right onto Iberville and it will be a short way down on the right. Eat the best damn oysters in the world ... and make sure you EAT AT THE BAR - not a table, even if you have to wait. Have one of the shuckers or the bar girls get you some phone albums to entertain you while your oysters get shucked. It'll give you an idea of what you'll see in the next few hours.
#2. Andrea's. It's in Metairie so it's a bit of a drive.
http://www.andreasrestaurant.com/ Try the beef carpaccio it's off the charts. They use a truffle infused olive oil and fresh shave parmesian cheese on it. They have a phenomenal Northern Italian wine list. You can't go wrong here and since it's in Matairie you won't get the tourist trap feeling. I have nothing but good to say about this restaurant and will continue to take clients there for dinner.
As for other restaurants, many, many to choose from and you can't go wrong with Dickie Brennan's at 716 Iberville (Brennan's family is responsible for Banana's Foster receipe), Commander's Palace (a bit pricey but it's got great food and a wonderful atmosphere) and Emeril Lagasse. Given a choice among those 3 I would have to pick Commander's Palace, however if you are into Veal then I would choose Emeril's as they've got the must succelent Veal Chop you will ever taste.
Start the evening off at Jimmy Buffet's place. You will want to start your night out here (early evening actually) for a cocktail or two and some Buffet music to get you in the party mood. You'll want to take a taxi since it's not directly on Bourbon Street, but its as good as any to start getting your drink on.
After getting to Bourbon Street for the evening's entertainment, you can't go wrong with one of the hand grenade's recommended above. In addition, grab yourself a Hurricane at Pat Obriens
http://www.patobriens.com/patobriens/havefun/our_story.asp. If beer is your choice there's many places along the route to pick up a tall frosty malt beverage of your choice.
After getting hammered off your gourd, make your way down to Bourbon and sample all the live music bars. All of them are great places to grab another social beverage and hang out a bit. There's also plenty of titty bars along the way, but keep in mind these places are pricey and you'll see just as much, if not more, as the night wears on for free (or a few sets of beads).
Your final destination of the evening should be Cat's Meow (it's a Karaoke place but don't let that fool you) or Tricou House (701 and 711 Bourbon respectively). Make your way to the balcony at either of these places and make sure you've got plenty of beads. What happens in New Orleans stays in New Orleans. You won't regret going to there.
Have fun and post up pictures - you should have ample opportunity to do so.