Start at lift 9. Do a few laps there, then head over to Lift 14 (Gold Hill) and Lift 12 (Prospect). Sometimes the snow over on 9 will be alot better because its north facing. Hike off the left of 12 as far as you want. Can go all the way up to Palmyra Peak (1.5hrs) or drop in anywhere along the way. If you are up for it Bear Creek is the shit, but beware the snowpack can be sketchy in there Telluride Daily Planet > News
There are 'safer' zones out there but overall you need someone who knows where they are going. Here's a cool site with aerial maps of that area.... Telluride Off-Piste Photographic Reference Maps
In town I would recommend the $1 Shlitz at Fat Alley BBQ, Tater Tots and $3 Guiness/$2 PBR at the Cornerhouse Grill, and Honga's for Sushi or the Sheridan Chop House for a steak if you want to peel off a few hundy's. New Sheridan Bar, The Buck, and Fly Me to The Moon are always fun for drinks late night.