La Barca
2414 S Vermont Ave, Los Angeles
Another favorite hangout of USC students, locals, and law enforcement officers alike. Although it is actually a restaurant, La Barca is famous for its "two dollar tuesdays", when you can get strong and delicious margaritas and pina coladas for under three dollars. Expect a long line for seating on Tuesdays. They do not take reservations.
Lots of cheap bars abound. For a peek into Greek university student life head to the 2-9 a few blocks west of Figueroa just north of USC or the 9-0 right on Figueroa USC students' favorite dive.