As Mount Royal College's campus bar The Liberty Lounge is the best place on school grounds to neglect you studies.
Every week night is a different: On Monday night pool and foosball are free. Tuesday is Student Night with specials, dance music, and prizes given away. Wednesday is Karaoke. Thursday is either 'name that tune' or a live show. And Fridays sometimes have special events or parties although Friday nights at 'The Lib' are generally quiet because people usually want to stray a bit further from school then their campus bar on the weekend.
During the day The Liberty Lounge is a great place to work on a paper and have a beer at the same time or to work on any group assignment you may have been assigned. There is a steady crowd of regulars and, if you go often, you may see many of the same faces time and time again.
The staff is composed mostly of students and therefore they're pretty easy going. It's there policy that outside food is okay so feel free to pick something up at the food court that's just outside the bar or to bring your bagged lunch.
While sometimes it seems that the live shows are few and far between the ones they do show are almost always quality bands that you probably haven't heard of. Although many of these bands have gone on to become much larger; I myself saw The Weakerthans, The Constantines, and Gogol Bordello at the Liberty Lounge before they were large enough for Calgary's more celebrated venues.