
Accomodation: I would highly recommed staying in Central or South Strip Hotel. There is no point in staying at a hotel north of Treasure Island if you want to experience the "strip". If you are not wanting to spend much but would like to stay in the centre of all the action, I would recommend Tropicana (although the rooms are quite old if you don't mind that). The south strip hotels are all connected by free tram service taking you from Excaliber to Mandalay Bay. My personal favourite is MGM Grand - centrally located, not too expensive, and great family atmosphere.
Transportation: There is no need to rent a car if you plan on spending ALL your time at the strip. I would suggest taking the airport shuttle to/from the hotel. The transit pass is available for $5 per 24hr period which can be used to access off strip hotels like Rio or hotels north of Treasure Island which is not walkable distance. There is no point in taking the bus within south/central strip since the loading/unloading time at each stop is approximately 5mins and it might be faster to walk the distance. If you are staying in north strip such as stratosphere or circus circus, it might take you as much as 45mins to get to the central stip by the transit bus.
Shows: You need to book the hot shows such as Cirque de Soliel in advance. There are deals once in a while - you need to keep looking though. For other shows, you might be able to get cheap same day tix at places such as tix4tonite if you get there at 11ish in the morning. Also, you might be able to get some free show tix if you don't mind attending the timeshare presentations. I have heard it takes 3-4 hrs, it's your call.
Food: There are tons of places to eat on the strip. Check out the restaurants located inside each of the casinos if you want to go for nice dinner. Buffets are offered at almost all the casinos, prices vary - check out the brochures available at the hotels for pricing. If you want to go for fast food, there are two major food courts on the strip - one located next to MGM and another one in the central strip. Places such as Panda Express, Subway, some Pizza place, and Chipotle can be found. One good India restaurant located in the Hawaiin marketplace close to MGM is Tamba Cusine. Discounted dinner tix can also be found at dinner4tonight (same place that sells tix4tongith).
For first timers and people not so much in gambling, I would recommend two full night/day to experience the street. If you want to go for Fremont Street Experience or pack too many shows, an extra day might be necessary. Hope this helps!