I have been in Playa twice a year since 2003 and came back 3 weeks ago. You lads will love it!
Here's some places for a great time:
The Irish Centre: cheap drinks at some bars so chaeck them out. Footie matches on large screen & tv's as well as Karaoke and bar crawls at Keanes is a must.
Kasbah: within walking distance, this is where most of the clubs are with some good bars; particularly The Garage. Avoid what you buy here as there are a lot of fake watches, sunglasses and designer gear.
Yumbo: More clubs such as Heaven and some great bars/restaurants/shops with all sorts of entertainment. Be aware that anything goes here so you will find drag acts, street entertainers, cabaret, quiz nights...everything! La Belle is great if you are looking for a good up to date drag show. 3 weeks ago they were performing Rocky horror.
Play beach is nice, water is cold!
Best beach is Maspalomas coz of dunes.
If you are going on a booze cruise be ready to chuck up all you've eaten/drunk....the Atlantic sea is not always friendly!
Don't bother with the dolphin/whale excursions as you are not guaranteed to see any.
Waterpark is expensive.
There are loads of places to get cheap drinks around Playa, just have a wander in each direction
Also a taxi between 4 of you will cost less than 75p each to Yumbo.
Have a great time.