El Zarape is located just east of campus on Wooster, which isn't the only thing that makes it especially "college friendly." However, this restaurant can be enjoyable for just about anyone, including the whole family.
Don't be confused, though, because El Zarape used to occupy a different location a bit further west. That building became another Mexican restaurant called Cinco de Mayo 5 when El Zarape moved down the road in June of 2008. Cinco de Mayo has a cheaper menu, but in my experience you usually get what you pay for, and I'll always choose El Zarape.
It has the feel of a family-run place with friendly service and a terrific menu that has to be made mostly from scratch. Every so often there's entertainment, usually mariachi bands, which aren't particularly my thing. As far as the food goes, I normally order a Fajita Burrito, but switch it up by alternating chicken and steak. The peppers and onions are excellent, and the platter comes with plenty of food, including beans and rice. If it doesn't sound like your thing, I'm not an authority on too many other items, but check out the link above. There's all kinds of combos and whatnot.
All these qualities of El Zarape aside, the thing they are most famous (or infamous) for is their margaritas. They're powerful enough to rival those of any of the out-of-town Mexican restaurants in Toledo, Perrysburg or Maumee, and come in many flavors. They'll even mix different kinds for you. There is also a pretty good selection of imported and domestic beers, and wine available as well. But come prepared, most likely with a designated driver, when you visit El Zarape to drink. You have been warned.