So - this is what I found. The Liquid Room is located at 1106 N. Division Street. The simplest way to get there would be to take the Beltline north to Leonard Avenue. Take Leonard west to Plainfield, turn left. You are now on Division, and the Liquid Room is a few blocks down on the left.
Parking is in the back.
What It's Like - The Liquid Room is a quirky blend of traditional coffeehouse and industrial lounge, with a healthy dose of Goth thrown in. The night I was there, nobody except for the kids working and Laurel, who was subbing for Peter. Word around the campfire, though, is that the scene is similiar to that of Caffiend. The Alternateen crowd is big until midnight, but then they go home. They also have many fruit drinks and Smart Drinks.