It depends on what you consider a life. I've spent a lot of time there in the past year on many extended business trips and have had a chance to explore Vegas beyond just the Strip (and its neighbouring suburb Henderson).
It appear that only lower-income casino workers live near the Strip. Everyone else seems to have fled to the edges of the city and Henderson. Once there, the residents live pretty much like anyone else in any N. American city. Most residents have told me that few wander into the Strip very often unless it's special night out to show visiting relatives or to catch a show. For gambling, most residents seem to head to the Station chain of casinos scattered throught the edge of the city - from what I hear, it's Strip quality excitement without the hype.
That's where being a resident in Vegas pays off. If you can prove you have a permanent Vegas address, entrance to golf courses and night clubs are generally much much cheaper. And, most musical acts on tour pass through Vegas as part of their tour. If you're at least in your 30s and have a hankering to catch your favourite 80's or early 90's band/singer, chances are they'll play in Vegas sooner or later. (I regret not seeing Billy Idol when he rolled through last year!)
The nearer to the Strip you get, the more you'll have to put up with traffic and generally bad driving. I attribute this to tourists gawking at the pretty lights and drunken driving. The two most often hear sounds in Vegas have to be the chimes of slot machines and ambulance sirens.
Feel free to PM me for anything more specific to Vegas life(style). Since you're posting this on TERB, you may be wondering about the SP/MP scene. All I can tell you is that from what I understand, SP's are overvalued - I've never visited any of the famous brothels - but I hear they're really really expensive. MP's tend to employ mainland Chinese women of varying attractiveness and will probably cost you USD120 for a good massage and release. I can't help you with taxation issues however.
