While you're down in Hollywood, don't miss the Mardi Gras celebrations in Young Circle. This takes place during the weekend of 7th week (usually the second to last week of February).
They recreate the ambience of the original Mardi Gras in New Orleans. They have a parade, with people throwing beads and wearing extravagant costumes, stands were you can taste lots of varieties of Cajun foods. They even have tarot readers and fortune tellers, and artists selling lots of cool stuff. It costs about $8 to get in for one day, and you can get a deal for the whole weekend. Don't miss the parade!