Nijo has $3 and $5 sushi from 4-6 or 10-11/midnight. Delish! And they have drink specials during happy hour. McCormick and Schmidt's has a good happy hour (very cheap burgers), but it's usually packed. I haven't been yet, but the Southlake Grill at 1253 Thomas (by REI) has some pretty good happy hour starting at $1.99.

Dragonfish!

The Indian place across from Babeland/Honeyhole has free happy hour food too.

Somewhat more expensive, but delicious (and a lot less expensive than regular dinner prices): Tango Tapas.

Otherwise, I will always be fond of Liberty on 15th for top-notch cocktails and affordable sushi. According to Andrew's post over at the Liberty tribe, you get an additional 25% off if you mention his posting.

My personal favorite place to go for Happy hour eats (and 25 cent PBRs) is The Metropolitan on Olive. They have awesome baked pretzels with sweet mustard dipping sauce and the richest and tastiest macaroni and cheese I've ever had. However you're more likely to find more variety a few blocks away at Charlie's on Broadway. They have of good stuff from burgers to potato skins, although the perennial favorite amongst me and my friend is their chicken quesadilla.

Strangely these aren't the first places I would go for actual beer. That honor is reserved for the Stumbling Monk.

Downtown...Noc Noc has an awesome happy hour menu & drinks...CHEAP and tasty!