Regents Park is situated on Pusey Lane, close to St Giles. It is positioned between the cosy cafes and cocktail bars of North Oxford (Jericho) and the university facilities and amenities of the town-centre.
The city of Oxford is beautiful, it's as simple as that. Even the addition of a few 1960's monstrosities can't alter the image that you are in a special place. Aside from the architecture there are some great places to shop and the combined student population is high so there are plenty of student friendly places.
There are pubs galore but hunt out the gems from the touristy crap. Start with The Purple Turtle for night spots, try the traditional student haunts of Parkend and The Cellar.
Hardened clubbers will have to make the hour's train ride to London. 60 000 students has given all of Oxford's club DJ's the idea that nothing but cheese will do. Po Na Na is a favourite and does manage to raise itself occasionally. As a general rule drunkeness is the best way to appreciate the clubs in Oxford.
Given that most of the colleges have fairly limited social facilities for late nights, the local area is all there is for real night owls. You might get bored quite quickly. If so then don't despair as London is not far and very accesible by both train and an excellent coach service called the Oxford Tube. It's inexpensive and convenient.