Costa Teguise is a city on the Canary Islands and one of the three major tourist towns of Lanzarote. It is a small area but has plenty of sport bars and small shops that would fit any British or Irish tourist like a glove.
If coming from the airport, you'll need to get the 22 bus to the capital Arrecife then the 01 to Costa Teguise. Buses run every 20-30 minutes on most days and cost little more than a few euros. A list of bus lines can be found here.
Bus is easy to get to Arrecife and Puerto del Carmen and runs all night
You can hire a car for 50 euros for a three day period and drive around the island proper, where there are very interesting landscapes and sights to be seen.
Whether a local speaks any English is roughly 50:50, so don't turn fussy if you get a 'No hablo inglés'. That being said, virtually every establishment will have at least one employee who can speak it passably well.
Playa Las Cucharas is a small yet peaceful beach, with a sea-view that you'd be crazy not to see.
All manner of tat, ranging from cheap Chinese goods to local souvenirs.
Avoid all Hindu electronic shops. Shopkeepers use bait-and-switch tactics and will ultimately sell you something that doesn't work as advertised. If you do decide to take the plunge, don't bother crying to them about device problems as they lack any sort of technical expertise and won't be eager to offer a refund.
Nicest places, for those wishing to avoid sheperds pie and scampi and chips in one of the miriad of "British" pubs, are situated around the old square. Huge steaks and (fairly pricey) tapas.
Nice tapas place on the main road which curves around the outside of the resort.
Costa Teguise has a large variety of sports and English-themed bars, most of which show the usual major sports matches. Quite a few also serve food, which is inexpensive and far from top-class cuisine but decent enough to serve as a midday meal. Draught variety, however, is typically quite small, and the few international options you can find don't tend to taste good. Buyer beware.
The Chill Out Bar on the first floor along from Dreams is about the only decent bar in the town. More South East Asian in feel than Spanish, but pretty cool and cheap beers.
Everywhere else in Costa Teguise is like something out of "Pheonix Nights", i.e. stuck in 1982. Wall-to-wall Karaoke and pop tribute acts. Places with the names "The Red Lion" and "The Black Bull" abound, with most showing Coronation Street and Emmerdale for those who wish they were still in their two up, two down in Rotherham.
"Cayote Disco Pub" is about the only place that could reasonably be described as a Nightclub (or disco, "nightclub" seems to be widely understood as a brothel in Spain - which would be more interesting, frankly), but it's still pretty ropey.
Overall, there's reasonable variety for daytime boozing, but it shouldn't be your main reason for visiting. Those looking for late-night entertainment will be disappointed.
Costa Teguise during the day is perfectly fine, but avoid being alone at night. Rambunctious youths sometimes take to the empty streets after sundown and will often shout at passing tourists. Although they're harmless towards groups, you should always consider the possibility that they'd do something indecent if you were on your own...
There are a number of large 4-5 star hotels.