I lived in Vegas for over 4 years, so I have a little different perspective.
Snowboard money won't get you very far, especially over New Year's. You'll have four guys to a room in a shitty hotel. You might not even be able to afford a shitty hotel on the Strip. So you'll constantly be taking cabs from your shitty hotel just to get anywhere worth going.
Clubbing is pretty much out of the question. If you try to go to a club, you'll literally wait in line all night and be lucky to get in at 3 in the morning. I had connections through work, so I never had to wait in line. We'd go at 10 or 11, leave at 2 or 3 and see the same people still waiting in line.
The only sure way around the line if you don't have connections is to buy bottle service. On a normal weekend, you're looking at $1,000. Over New Years, it's probably more like $2000. You can try bribing a bouncer to let you in. Plan on paying $100 per person plus at least a $50 cover. Cover may be as high as $100-$200 over NYE. Once you get inside, you're paying $20 a drink and you're packed shoulder to shoulder with people constantly bumping into you spilling your $20 drink.
The only other option is to actually wait in line. On a normal weekend, you could go at 6 and wait in line for 6 hours to get in around midnight. But on NYE, they're already going to be packed with people on their list, so you could wait all night and still not get in.
Given your budget, we'll just assume clubs are out of the question. That leaves you with local bars or casino lounges. The local bars are cool, but probably no cooler than your local bars. Don't plan on getting any ass while you're there. The hot tourists are at clubs. Hot girls walk to the front of the line and get in free. All girls do actually. I've only seen one group of fatties get turned away ever. The hot locals at the local bars don't talk to tourists. So basically, you're paying a lot of money to drink overpriced drinks with your friends and bitch how Vegas is nowhere near as cool as it looked in The Hangover.
If you go to gamble, your money will be gone before you know it. The cheapest tables have a $10 minimum bet. You could easily go through $200-$300 in less than 30 minutes. Maybe you'll win. But probably not. Those billion dollar hotels were paid for by a lot of $10 bets.
The shows are expensive. One of my favorite parts of Vegas was the Cirque shows. They're about $120 for the cheap seats. They're actually worth the price. But they're probably already sold out. And my guess is you weren't going for the shows anyway.
You probably won't be going to any nice restaurants on your budget. There are some great ones. But dinner and drinks can easily run $100+ per person.
As for NYE itself on the Strip, the hotels won't let you in to use the restroom unless you have a room key for their hotel. The street is crowded with tens of thousands of people to watch the fireworks. It is a good display. But then you're stuck with tens of thousands of people all trying to get somewhere else and not doing it very fast.
So basically my point is Vegas can be a lot of fun if you have money to spend. $1000 on a normal weekend. Or $2000 over NYE. But if you try to go on a limited budget, it's going to suck.