Graceland - anyone been?

Backbiter

We spent three nights there and loved it. Graceland is excellent, and the civil rights museum is fantastic. We also loved Sun Studios. We enjoyed the ducks at the Peabody and had a great time on Beale Street, and we're sorry we couldn't fit in the Stax museum and the Gibson guitar factory, which are also supposed to be very good.
If you can fit in a trip to Nashville as well that's also a great city with loads to do. It's a 3 or 4 hour drive away.

cubegame

Graceland is well worth a visit but sadly, Memphis itself is a bit of a hole. The police presence downtown on any evening will give you an idea of what it is like.

As other posters say, combine with Nashville which is much nicer and has a friendly and safe feeling downtown (this ultimately comes down to the fact that there is money in Country music and none in the Blues).