There's no lacking of Happy Hours in Austin, and to try to hit up all of them would require some teleportation talents. Here's two links to popular webpages that sum up most of Austin's Happy Hour deals as well as a short list of my favorites that are fairly close to Downtown Austin. So grab a fellow SXSWer and head on down for tasty bites and refreshing drinks.
Austin Frugal Feaster
Austin Food Journal's Calendar
My Downtown Faves
Paggi House - 200 Lee Barton Dr Austin, TX 78704 (512) 473-3700 @paggihouse
I love Paggi House for the atmosphere, service, and the dog friendly patio. Not only are the deals great, the presentation of the food here has been tops. I haven't been let down here yet! Half off selected drinks and half off appetizers.
Trio at the Four Seasons - 98 San Jacinto Blvd Austin, TX 78701 (512) 478-4500 @FSaustin
Trio understands happy hour. With fabulous deals, cheery staff, great selection of wine, and to scrumptious lamb sliders, Trio has earned my happy hour loyalty. Half off selected wines and appetizers.
McCormick's and Schmick's - 401 Congress Avenue Austin, TX 78701 (512) 236-9600 @MccormickSchmicks
While it isn't the very best Austin has to offer, McCormick's and Schmick's is a great place to go for cheap eats. With a purchase of a drink (minimum $2, ice tea counts), order from a reduced price menu in the bar area. From half pound burgers and fries for 2.95 to a large serving of hummus and pita for 1.95, you can't go wrong. McCormick's and Schmick's offers a regular happy hour and a reverse happy hour. Get there early or practice your ninja skills in snagging a seat. It can get crowded during happy hour.