There is lots of night life in Edinburgh - the Sheraton is five minutes walk from teh West End of Princes Street or (in another direction) the Grassmarket where there are lots of pubs and restuarants.
The gay scene (if that interests you) is the other end of Princes Street.
Near the Sheraton you'll find the Edinburgh Filmhouse (an art house cinema) and you are accross the road from the Usher Hall (a concert venue) and the Lyceum Theatre and the Traverse Theatre (the later having a great bar).
What sort of suff interests you?
Stephen