One of the best-kept secrets in Vegas golf is the muni course there, The Las Vegas Golf Club. I think it's one of the oldest courses in LV and had a major renovation fairly recently. It just reek of a Vegas course and you can just see Sinatra and Dean Martin hacking around it. Played it a couple years ago, and it's pretty forgiving but fun.
A similar style course, very near the strip is Las Vegas National, which used to be the Sahara course. This one is under $100 if you tee off after noon.
I like these courses in the middle of the city rather than those on the outskirts because you seem to be hitting right at the skyscrapers. They're not as good a test of golf as some of the newer courses in the outskirts, but they're well manicured and fun. Unless your friends are in it for the golf itself, I'd go for the Vegas experience.
Of the ones on the outskirts that are good and reasonably priced, Black Mountain and Primm Valley are my favorites.