Dos Gringos is one of the more popular Tempe college bar and it's usually packed with co-eds Wednesday through Saturday. It's easy to see why the two-story bar is a favorite among the college crowd. The drinks are cheap (beers and margaritas are about $3) and the food is pretty good. I recommend the Rocky Point Tacos (get the steak).
Be prepared for a side of obnoxious however. The bar is known for body shots and you're sure to see this in the later hours of the night. Hey, ASU wasn't named one of the top party schools in the nation for nothing!