Upright Citizens Brigade is my favorite place to see comedy in LA. From Jeff Garlin's (of Curb Your Enthusiasm) weekly $1 show with guests like Patton Oswalt and Aziz Anzari to their hilarious improv & sketch shows, UCB always has a cheap and thoroughly entertaining lineup. Bring cash (make reservations in advance on their site since a lot of shows sell out early) and your own booze for a low budget night high on laughs.
Pros: No show is over $8, BYOB
Cons: Shows can sell out quickly, so reserve in advance!
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