If you are looking to party on vacation in Lisbon, there will be plenty of places to go, especially for young people. Lisboa has a lively nightlife scene, with lots of bars and discoteques to have a drink in and dance the night away. If you are looking for a more relaxed, mellow vacation, there are also places to have a beer, enjoy live music, cabarets, eat in a nice restaurant, etc...
For music lovers, seeing a live show of Fado music in Lisboa is an absolute must. The most famous neighborhood for seeing Fado is the Barrio de Alfama. You can see these shows in cafes, pubs, and even restaurants.
For those of you looking to dance all night, a good place to go is Los Muelles, also locally known as Docas, or the Alto neighborhood, or el Jardim do Tobaco.