I lived both on-campus and off-campus, and know the city pretty well.
When it comes to getting around, if you are on campus or very close to campus, there is a bus system, which is free to students. There are different loops that go around different residence halls, buildings, dining halls, and some even go into the town of Lafayette. So if you live on-campus, or in an apartment or house near campus, you can walk or take the loops to get around. It gets somewhat tougher if you are on the other side of the Wabash River. If you live that far away, they can give you a parking pass and you can drive to campus and park on the assigned lots. I believe the parking pass can be given if you live more than 1.5 miles away from campus. But there are a plethora of living options near campus, if not at a residence hall itself. I do not know what the graduate residence halls are like, but I believe they are much nicer than the undergrad ones. You can have your own room, so no need for a roommate in the graduate halls. Also, the grad residence halls are very close to Rawls and to Krannert, which are the buildings you will take most MBA classes at.
As for dining options on campus, you will have a choice of a 10, 15, or 20 meal plan, or no meal plan at all. If you get a meal plan, you will also get a certain amount of money (like 100 dollars) to use at Boiler Express stores at certain residence halls, in case you want to buy other snacks and such. There are a lot of dining halls, with the best one being a huge complex that was built between Shreve and the Cary Quad res halls. It has almost every type of food imaginable, buffet style. All you have to do is swipe your card and go in. I only ate there a couple of times because it opened after I graduated, so I went when I visited campus. If you do not choose a meal plan, then you have options anyways. The Purdue Student Union has a basement full of food establishments. Near campus, a block away from Rawls and Krannert, you have Chauncey Hill. That is where most of the bars are at, as well as many other food establishments one can eat at. If you go further, maybe half a mile away, you have the Levee, which has a couple of other bars and food establishments. If you live on your own, then your best bet to buy your food would be to go a nearby Payless or Wal-Mart. There are loops that take you to the Wal-Mart, but I would recommend driving. There are also loops that take you into Lafayette, the town itself. There is a mall there, and plenty of businesses such as Target, Wal-Mart, and all to make it worthwhile. Most of those businesses are concentrated on US 52. You can take US 26 (State Street on campus) to get there.
As for entertainment, Purdue is pretty good at brining talent to the campus to perform. I was able to go watch No Doubt, Counting Crows, and Dave Chapelle do standup. There are also many clubs, intramural or not, one can get involved in. The sports teams are pretty good right now, with the basketball (men's and women's) and football teams consistently being in the top 25. So if you like sports, you will have a good time. I suggest you get football season tickets if you like football, since most games are sold out, especially the conference games and rival games. There are also traditions, such as "The Breakfast Club", which are very fun to participate in. Basically, students dress up as if it were Halloween the day of a Purdue home football game. They go out to the bars at like 7 am, and stay out until gametime. This tradition is nationally known and has been covered by ESPN and Sports Illustrated. There is also a lot of tailgating. There are also 2 golf courses, Ackerman and Kampen. If you like golf, you will like these courses. Kampen is really hard, though :p The Co-Rec (Rec Center) is a huge complex. It has a weight room in the basement, it has several squash and raquetball courts, numerous basketball and volleyball courts, an indoor soccer court, and competition size swimming pools. Some residence halls have their own gyms and such, and there are courts and fields throughout campus as well. However, the Co-Rec is where you have the most options. Also, Purdue is 1 hour from Indianapolis, and 2 and a half hours from Chicago. So you can go and enjoy whatever those cities have to offer, especially on weekends.
As for the campus, it is very nice looking. It is all made of red bricks, and gives it a traditional, almost colonial, feel to it. The university was founded in 1869, but it does not look old at all, just distinguished. They have also built several new buildings, like Rawls and the Neil Armstrong Center, and have added campus wide Wi-Fi and other amenities. It is a very safe campus, and you will not think twice about walking around at any time during the day, whether it be 3 am or 3 pm. The local police is around all the time, ensuring the students' safety. If you drive, do obey the speed signs and do not park where you are not supposed to. The cops are very ticket happy.
The only thing I would say is that it does feel a bit isolated, since Lafayette and West Lafayette are in the middle of Indiana, and when you hit the highway all you will see are cornfields. But when you think about it, the towns are basically driven by Purdue, and there are 40000 students. So it is very young, and you will find things to do and have fun with. If not, you can always make the drive to Indy or Chicago.
Also, headquarters for companies such as Caterpillar and Subaru are in Lafayette, so you might find good job or internship opportunities nearby.
I think there is a virtual tour on the website, and I am sure you will enjoy your visit. If you have any more questions, please let me know