The most famous sight is the Parliament building, located on the banks of the Danube river. You can get a great view of here from Castle Hill and Gellert Hill.
Parliament (view from Castle Hill)
Castle Hill is just absolutely fabulous! It is home to Fisherman's Bastion, a fairytale-esque wall, the colourful Matthias Church, and of course Buda Castle (Fun Fact: the Katy Perry video for 'Firework' was filmed there!). It also has some winding streets with cute cafes and shops. It has a magical atmosphere (even with the hundreds of bus tours and groups) and was a real treat.
To get there take the 16 or 16A bus from the sloping hill opposite Szell Kalman tér station, it leaves regularly and only takes about 5 minutes. I took the bus, but despite what you hear on the internet I don't think it would be a struggle to walk it.
Fisherman's Bastion
Gellert Hill
For nightlife, your only option is one of the ruin bars. Basically they're all just very hip and indie bars with oddball décor and layouts, with cheap alcohol. We popped into one before dinner and since it was early it was quiet, but it gave us a chance to look around and it did look pretty cool.
There are many cruises along the Danube available, but it would be useful to perhaps book in advance (especially on weekends) as there are hundreds of bus tours who take up quite a lot of space! (Alternatively if you are there for a few days, perhaps go to the office the day before and buy your ticket for the next day). We took a night time cruise, and it was lovely to see the Parliament building and Castle Hill lit up, since we had already seen both during the day.
The currency there is the Hungarian Forint, and 300 forint is about €1. Prices are cheap - a 72 hour travel card is about €13.
We got the train in from Bratislava, but Ryanair fly there too. The train is cheap, so I would recommend a trip to a neighbouring country since you're in the 'hood (Slovakia or Austria are probably the closest).
Panorama
Parliament by night
Budapest and the Danube from Gellert Hill
Parliament
Shoes on the Promenade memorial
Instant - ruin bar
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