Gimbals is one of the most popular local night hangouts in Baguio. I don't really know how it got its name, but it has been around for 10 to 15 years at least.
My friends and I often visit this place for its reasonable prices and great live bands. It opens around 8pm, but the bands don't start playing 'til 10. One band that I really liked called themselves "Brown Flava"; they're excellent, playing R&B tunes and pop rock. Most of the bands here play two sets, and you can of course make requests for tunes you'd like to hear-they are very accommodating.
The food and drinks aren't really a big concern since people don't come here to dine-they dance!
Party, anyone?