Hi there, we spent a few days in Shanghai last September (I see Fiona has already given you the link to my trip report).
We stayed in the Regal East Asia Hotel. My review is here -
http://www.holidaytruths.co.uk/reviews/china/shanghai/regal-shanghai-east-asia-hotel/.
While it was nice, it is a taxi ride into the main town, but not very far. You'll need to check though as I think this stadium might be one of those that has been re-modelled for the Olympics so I'm not sure what kind of a state it's in at the moment.
There are hotels around the Bund if you want to stay there (one of the more famous ones is the Peace Palace hotel) and it all depends on your budget - some of the most rated ones are Le Meridien, Shangri-la & The Four Seasons. For a more modest budget there's the Radisson or the Okura Garden.
As Fiona says we weren't too impressed with the Bund, however we only saw it by day and I understand it quite prettily lit up at night. The tunnel to go under the river the Pearl Tower is great fun though so make sure you try that.
Hope that helps.