If it's your first time, definitely stay on the strip, preferably in the Caesars/Mirage/Bellagio area. Take a day and walk the strip, try and see each hotel and gamble (get free drinks) at every place you stop. I've done that and set a 30-minute table limit at each stop, and had a great time because I didn't feel like I was stuck in the same hotel at the same table all day.
If you and your wife like sports (and there's a game you want to watch), you HAVE TO watch the game at the Sports Book at the Bellagio.
For hawt cocktail waitresses, definitely hit the Venetian.
For a great show, check out Danny Ganz (think he's at the Mirage now, used to be at The Rio).
If you stay at Caesars and like to work out, pay to use their spa, it's worth it. Buy your wife a spa treatment one morning and it'll pay back major dividends.
You have to eat dinner "outside" (it's actually inside but made to look like an outside street) at the Forums in Caesars.
Walk around the Bellagio, the art is something to see especially the glasswork.
There's a gazebo-like bar outside (I think next to Harrah's), where the bartenders professionally compete in pouring drinks like the movie "Cocktail". I'm not kidding in that these guys & gals will do the most amazing things when pouring drinks, it's like Cirque de Soleil for drinking.

Okay, I'm done for now, have a great trip.