Try renting a condominium in Frisco. Arapahoe doesn't have a base community with accomodations and nightlife. Keystone is right down the road, but is rather expensive, and even there the nightlife is lacking. Frisco, 19 miles from Arapahoe, with many restaurants, shops and an adequate nightlife all within easy walking distance, is an excellent alternative.
For an excellent description of Frisco, check out http://www.bbc.co.uk/dna/h2g2/alabaster/A753572
We stayed on the second floor of this mixed use building. It's just a short walk downstairs to Pika's Bagel Bakery, which was perfect for breakfast.
The place has a mountain view, full kitchen, cable TV, VCR, gas fireplace and a jacuzzi outside in the back courtyard. Tastefully furnished with exposed wooden beams and lots of nice, personal touches.
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