First of all, it's pronounced "Loua-vuhl". Not "Loueeville". As a transplant from Iowa, it took a while to get used to this.
If you are driving from Iowa, you will undoubtedly be coming from I-65 South. Fortunately for you, the KFC Yum! Center is about 1/4 mile from the bridge to which you cross coming from Indiana to Louisville. The arena is located right on the river in the downtown area. There are many many hotels located within 1/2 mile from it if you plan on staying there. If you plan on staying someplace a bit cheaper, look to the Holiday Inn off Fern Creek Rd, or the several hotels in Brooks. These are all outside of the downtown area but right off of 65 so it's a straight shot there.
Eating: Louisville has some pretty great restaurants if I must say. The big tourist attraction is 4th St. Live in the heart of the downtown area about 4 blocks south of the arena. If you want to do the tourist thing and go to Hard Rock and that type of stuff, have at it. Those places stink if you ask me. There are several places right next to the arena that are great. Trolls under the bridge is a new place and very good, this is where I'll be all day. Doc Crowe's, Bearno's, Impellizeri's just to name a few that are right next to the arena.
Parking downtown on the streets sucks. The meter maids here will ticket you in a heart beat. Space is limited also. Your best bet is to park in a garage. The TARC system is ok and I'm sure the cabs will be out in full force but if you're from a bigger city like Chicago, you will be disappointed with the cab service, or lack thereof.
I know this is just a quick snapshot, but I will be more than happy to answer any questions you have about traveling here. The downtown area is pretty nice, not much crime, not much shopping, and lots of places to eat and drink. Not too bad of a deal I guess. But please, ask 'em if you got 'em and maybe I'll be seeing you at Trolls on Thursday.