A rehash of my 2006 reply with [ ] update.
The Hale Koa Military Hotel on Waikiki has a very good and reasonably priced luau Monday & Thursday and the location is great. Officially, it is only open to military and gov't employees (and their guests). If you don't fit the above, use your ingenuity. The price is around $38 [now $58] , including one Mai Tai. Have fun! Ken [Ingenuity worked this January]