Hmmmmmmm, I am not a big clubber but I just got back form Mallorca/Menorca and I am sure that Ibiza is even wilder. As for clubs in Madrid, most are very expensive so you may not find many people your age in them. For example "Kapital" (Metro "Atocha") charges an entrance fee of 26-31 euros and one drink can run you up to 12 euros. Most "madrile�os" stick to bars, pubs, discobars and taverns for nightlife.
I enjoy a few places near the "Huertas" area just off Sol and near the "Plaza de Santa Ana". One place calleD "Black Jack" on Calle Pr�ncipe" and "No Se Lo Digas a Nadie" on Calle Ventura de la Vega n� 7. Both just off Puerta del Sol. Pretty good atmosphere and music but nothing as killer as Ibiza stuff.
You are going to have a time finding anything that compares to Ibiza clubbing in Madrid.
I found this very cool website at
http://anas.worldonline.es/wonder3f/indicez.html with loads of bars, discos, clubs in Madrid. It is only in Spanish but is a good reference for nightlife and clubbing here.
Have fun,
jer...