I suppose it's too late to answer you, Blakeimus, but maybe my hints could help others since I've been living in Montreal for over a decade now.
I would strongly suggest people who have a bit more time to go out of downtown montreal to see something more typical. Crescent Street is interesting but the boutiques are out of reach to any backpacker's budget, and the clubs are mostly frequented by the rich anglophones of the city and the tourists.
Instead :
Walk down St-Denis Street between Ste-Catherine Street and Mont-Royal Street. It will take you from the Quartier Latin to the Plateau Mont-Royal, two very lively districts, hearts of the artistic community.
Mont-Royal Street is another important stop. Laid-back and happy ambiance. Very Montreal with its outside stairs. Great boutiques and restaurants.
Go skating on the Parc Lafontaine artificial river. Or just walk through it. Beautiful and romantic site.
The view on the city and the St. Lawrence River from the Mont-Royal Mount is beautiful, especially at sunset or night. Rendez-vous of the lovers...
Nightlife -- For those who want to keep away from the tourists or uptight places, here are a few suggestions:
-Au diable vert, on St-Denis close to Mont-Royal. Very popular. Dare be the only tourist, and maybe even the only anglophone. Other busy clubs in this area.
-VV Taverna, corner Bernard and St-Laurent. You'll dance on french and english music from the 70s up. Tiny dance floor but partylike ambiance. Empty on the week and before 11 pm the weekends. Just on the otherside of the street, the Whisky Cafe (no dancing) , curious bathroom : the guys pi on a water wall and the girls can do it standing up ! And two minutes west on Bernard Street, the Futenbulle. Choice of dozens of beers, local and international.
-You're a jazz lover ? Try the Biddle Jazz and Grill. Downtown on Aylmer Street. Live music... Simply wonderful.
-Want to stick around Old Montreal ? For a very "french experience", go to Deux Pierrots, the famous bar where traditional and modern live french music. Some nights, it turns into a big party !
Budget lodging : There are two hostels I know of, that are very friendly and dynamic, close to downtown and the old city.
www.hostellingmontreal.com www.auberge-alternative.qc.ca
These ones I found on internet, but never visited them. It's on the Plateau Mont-Royal district or close to the Parc Lafontaine district.
www.hostelmontreal.com
And food is great here ! The list of good restaurants would be too long. If you'd like suggestions send me a PM.
So hope you enjoy your stay !