I went to W's first inauguration in high school. We'd spent a great week in DC already by that point, but then waited on bleachers in freezing rain for about 5 hours. I gave up and went back to my warm hotel room before anything actually happened; in front of a TV is definitely my favorite place to watch it. But if you go, be prepared to stand for most of the day. Good on you, OP, for finding a friend to stay with.