Been to Bologna a few times, it has a thriving night life, mainly students as has the oldest university in the world there.
I recommend the market, some good quality Italian clothes and shoes at a fraction of shop prices. I love tortellini and Bologna is where it comes from. There are some really good restaurants in Bologna that serve this, one restaurants in particular was the best I've ever had but I can't remember the name, sorry. The 11th century tower of Torre Asinelli is worth visiting and will burn the pasta and gelato calories when you ascend the steps to the top of the tower.
My sister lives in Ferrara which is about 30 miles North-East of Bologna and worth a day out to. I recommend the local Cappellecci which is pureed pumpkin ravioli covered in beef ragu sauce with grated parmesan and is absolutely delicious.