Try the colleges
Since you are hoping to stay at one you might as well call them and try to score a room there and see what it's like. Although their daily rates aren't that crash hot they should have plenty of vacancies around this time of year.
If you want something cheap in town then look at Smith House, it's right in the middle of town 2 blocks from everything and used to be the old teachers college accommodation. But you get what you pay for, it's a few steps below the uni college standards but it does the job if you just want to sleep
http://www.smithhouse.com.au/
You could also go for some of the motels although they can get pricey.
As for things to do, there are a fair few pubs within a 3 block radius of each other and 1 "nightclub" as it likes to call itself. If you are on college they might have something happening. There's a bowling alley, 2 shopping malls and a strip, plus a cinema, better get used to the excitement if you are planning on staying there for 3 years straight. If you had waited till next weekend there's a lan on in town. There are some bushwalks you could also take, or if you have a car drive around aimlessly for hours.
There's a reason why so much alcohol gets consumed, the amount of entertaining things to do without it has a lot to do with it.
Oh before I forget don't carry too much cash around with you and if you see a large group of people assembled in the street don't go seeing what all the fuss is about.
