Vegas is one of a few US cities where I recommmend you don't want to rent a car if possible.  The little 2 mile strip has more taxis than strippers and thats a huge number- 1,500 to be exact. If you are wondering I counted. So getting around Vegas, here are a few ground rules / tips:

1. Cash - Carry lots of singles and smaller bills reserved for tips and to pay the fare. Tip $1buck for 1 - 3 miles, Tip $2 bucks for anything higher.

2. Location - If you are heading north on the strip, stand on the side of the block that is also traveling the same direction you are going. This might seem very obvious, but by failing to catch a cab on the right side of the strip, your fare will be increased by 30-40% due to how Vegas taxi Cabs charge per 1/8 mile not to mention the waiting time.

3. Public Transportation (Trolleys & Monrail)Trolleys

Las Vegas trolley bus services from Stratosphere hotel to Luxor Hotel and it's a bargain at $1.50 per person. However, if you have more than 2 people take a taxi.

4. Las Vegas Monorail

This cool looking futuristic Disneyland contraption runs from MGM Grand to Sahara. It takes approx 15 mins to get from one side of the other side of the strip. The cost is $5 bucks each way or you can get 2 rides for 9 bucks. This is only cost effective, if you are traveling with 1 or 2 people, but is really a time saver on big holidays like NYE.

Harrah's to The Rio This is the easiest way to get to the Rio Buffet. It runs every 30 mins up to 1am.  

Sam's Town shuttle Shuttles go to Sam's Town to several Las Vegas locations every hour. The stops are: Fremont, Bourbon St, Harrah's, and San Remo. 

5. Free Trams - Alot of the bigger hotels have free trams. Check with your local hotel to see wha they offer.