Mich, I'm sorry for not seeing this earlier; I've been ignoring everyone though so it's nothing personal!
First, the watering holes(crash pads later)
I work right by the airport. I think Zet's is pretty much it LOL.
There's only one pub like place around there that features clothed entertainers ;D That said, it's not very good. There is a Pat & Mario's on Dixon(aka Airport Road) for those who prefer a more restaurant type place. There's also Wild Goose at Renforth & Eglinton. Biggest problem with anything near the airport is that transit there sucks.
For those who want something close to the airport and on the subway(short stagger or cab ride away) there's a spot called Scruffy Murphy's near Kipling subway station(Dundas & 427) I've never been there but Tess says it's good and he hasn't steered me wrong yet.
Truth be told I'm far more familiar with downtown spots - Duke of Argyle, Gabby's(on King), Shoeless Joe's, Gretzky's, Jersey Giant, Bier Markt, Scotland Yard. Central to both the Yonge and Bloor lines are James Joyce, Pauper's Pub, and the Firkin in the Bloor/Spadina area. Another place I haven't been too in ages is Allen's on the Danforth, right by Broadview subway.
Oh, how could I forget Toronto's oldest pub - the venerable Wheat Sheaf. Not right on the subway line but a short cab or streetcar ride to either the N/S or E/W subway lines. It's actually the perfect walking distance to sober up in time before going home to the spouse
As for the crash pad/hotel, if all you want is a clean, inexpensive room where you can sleep and then walk down the hall for a shower, U of T dorm rooms are a steal. I think they're under $50.00 a night definitely under $75.00(last time I checked)
You're in luck because there are some great room rates via expedia .ca If you want closest to the airport, you can't beat Sheraton Toronto Airport. Hampton, Marriott Courtyard, Sandalwood Suites and Quality Suites are all good choices.