Excellent hostel in the town of Manarola, one of the Cinque Terre's 5 towns. The bigger towns (Vernazza and Monterosso) have more options and nightlife. If you want to sleep late and party all night, stay in Monterosso. If you want a cheap, relaxing, safe, clean place to stay and meet a few people, stay here. We paid 23 euros per night for a bed in a six bed single sex dorm room.
Great website too:
www.cinqueterre.net/ostello They had everything. Washer dryer, rooftop patio, patio, made to order food, Internet, clean rooms and bathrooms, and friendly staff. I made reservations on the Internet, and it confirmed quickly with their list of rules. They give you the same list of rules when you arrive, which is fine because it doesn't allow punks to stay and ruin your relaxation. We had to be back by midnight, which was OK since the Cinque Terre closes up early in most of the towns.
We would hear the bell from the church ring at 7am, and we were out getting breakfast and hiking by 9 or 10am. There was a 10-4pm lockout, but you wouldn't want to be there during the day; you would want to explore the 5 towns. It's a great place to drop your bags and enjoy the day.
They also give you a lock for a 5 euro deposit which you get back when you return the lock. It's a big locker for an entire backpack. It's located at top of hill, so be prepared for steep climb. Great views too.