There is loads of Czech folk music available on CD there.

The theater is on Narodní Třida

When eating and drinking, it is best to avaid the obvious touristy areas and shopping malls as they are overpriced.

best places are just a little bit away from the centre like Dejvice, Letna, Smichov. A slight warning, some restaurants over-salt their food.

About 4-5 years ago I saw a pubsession starting ina pub in Břevnov, nearly oppsite the Monastary.   The trams to Vypich and Bila Hora stop there.

For your companions the beers you can get two strenghts, and also small/large glasses. The dark beers (called tmavy) are nice, the light beers are called svetly. The Moravian wines are nice - the names yo are mos likely to come across are Frankovka or Modry Portugal.

Food names - don't worry, mos places have a menu in english if you ask for it.

bramborove knedliky - potato dumplings - these can be a bit heavier in texture.
Houskove Knedliky - bread dumplings - go well with thick sauces.

You'll find the restaurant cook potatoes in every way you can think of.