What to do and where to stay in New Orleans on a budget?

I am looking to travel with several friends to New Orleans for the week/weekend of Martin Luther King Jr. Looking for flights and hotels seems a little overwhelming because I’ve never been there. We are on a bit of a budget, so does anyone have any ideas and reccomendations on what to do and where to stay (hostels/inns/hotels). We want to experience great food, awesome Jazz/Blues, visit fun places/Landmarks and attend other kool events. We are looking to stay there between 5–8 days. Please be specific please. Thanks!