Former local, and I did it as a tourist last year. If you want to do it cheap you can not stay on The Strip. Try to find a Hampton Inn, Hilton Garden Inn etc. They close LV Blvd (The Strip) around 5-6pm. You will need a rental car. From here you have a few options. Park near The Strip and walk. (Bring Tennis shoes, you will be on your feet for hours)

I would recommend parking at The Rio, the Hard Rock, or UNLV and walking. You can also park at the LVH and take the Monorail. I would recommend staying away from LV Blvd/Flamingo road as that is where the TV crews set up shop and there are tons of people there.

Have fun!