I grew up in Memphis. Beale Street wasn't what it is today in those days--60's & 70's. You went there to get into the WRONG kind of trouble then--the kind that could get you killed quickly, if you didn't know what you were doing. That said, Noe's right (Zip is, too, to a degree); Beale Street's your best option. My brother says Blues Street Cafe is reported to have terrific Memphis Style Bar-B-Q.
The Rendezvous (across the street from The Peabody in an alley) is a great PLACE, but too many Texans I know walk away from there thinking, "What the fuck was that?" The saying goes, "The best bar-b-q is the one you grew up with." Those of us living here who've been anywhere NEAR Lockhart, Llano or Luling know that saying to be a crock of shit.
The Peabody at Duck Time is kinda cool, as is the atrium lobby and its pretty solid bar. Downtown Memphis is a lot better destination NOW than it was twenty years ago.
For those of you oriented towards MEN'S CLUB activities, Memphis WOULD have been your dream home; think "hands on', hell, MOUTH on experience. However, the city has cut into their action BIG time and closed a bunch of the clubs down. The Gold Cup on Summer and 240 out east is about the only one left that's not terribly dangerous to hit.
Unless you really DIDN'T or DON'T give a shit about Elvis, Graceland IS worth a visit, though not because of the house; it's the museum behind it that's worth the look. And even if you DON'T give two rat farts about Elvis, which I was bordering on despite having grown up a stone's throw from his house, the museum WILL impress you, considering he was a dirt poor kid from Tupelo who ended up meeting kings and queens and presidents and stars....and was as big or bigger than ALL of them.
Anyway, two weeks from now will be HOLY PILGRAMMAGE month, when all the sympathizers take their annual trek to touch the robe/write on the wall/sniff the glove, so to speak....he died in August, less ye ferget ("fer'get, hell!".....sorry, those redneck ways of mine that Elton Sucking John--literally--alleges that I miss creep back in at times). Every August Graceland is akin to the main branch post office most April 15th's....to be avoided.
Just keep it simple and do your partying on Beale Street and in the downtown area. Anything else will be hit and miss. Overton Square, for example, died a slow painful death when Beale Street got rolling.