New York City is the capital of the world my friends. The girls are hot and there is an endless amount of fun to be had, all hours of the day and night.
19, 22, 25 should be able to have some fun in the city. If 19 looks a little bit older, he should be able to get into bars and get served at most restaurants. A lot of clubs check IDs but there are certainly some that admit under 21 on some nights. Clubplanet is a good website to search for bars and clubs that cater to your specific needs and desires. There are other websites as well but the search features on that one are pretty good.
1) What part of Manhattan is ideal for us guys to stay in?
Wherever you get the best deal. Shop around for reservations online. No matter where you are in the city, you can get around easily via subway. Two dollars gets you to anywhere. If you're in a particular hurry and want to spend extra money, take a cab. I guess the rule of thumb is to find a bunch of places where you'll end up spending time and then trying to find a hotel that's either not too far from them or only a handful of subway stops away. If you're going to be doing lots of stuff below the park, then stay below the park.
2) What's there to do there?
Everything. Central park, zoos, aquarium, museums, live music, broadway, all kinds of restaurants, bars, clubs, tall buildings, great architecture, touristy stuff like Times Square, really cool neighborhoods... look online. New York has EVERYTHING. Seriously. And the bars are open until 4.
3) Are there ghetto parts in Manhattan too?
Despite its reputation, the city is a lot safer than it was a decade ago. Common sense will keep you out of trouble no matter where you are. There are some rough patches here and there, but for the most part I see a lot of young people walking around at night when I'm downtown. I seldom go above 90th so I'm not as familiar with that part of the city yet. When in doubt, stay with the crowd and trust your intuition. It's a busy place. Lots of lights. Lots of people.
4) Are the clubs really "posh"?
Huge variety. There seem to be thousands of "clubs" in the city. Some have long lines and entertain celebrities. Others are dives full of college kids. I'm not big into the club scene but that website I mentioned can help you out. Lots of great bars and lounges.
Find a good map of the city that divides lower Manhattan (probably where you want to stay) into sections like upper east side, east village, grenwhich village, etc. Then look for stuff to do and places to visit and sort of plot them on the map. Can't really tell you what to do. Depends on what you're interested in.