How does one get out of doing something they don't want to, and yet decline in a polite manner? You don't feel like getting food with that guy - tell him you're broke. You don't want to go over and hang out - say it's too cold. The best and most vague reason though, in my opinion, is to say you're too tired.
No one can argue with being too tired. Say, for example, it's summer and you're working - can't use the "too broke" or "too cold" excuse. You can't even say you have homework to do. But anyone can say they stayed up till 5am and are now too tired - even if they were staying up playing Plants vs. Zombies.
People feel sorry for people who are tired. Everyone can relate to being tired. There is no cure for being tired other than sleeping or being lazy in general. You can even say you don't believe in caffeine or don't want to chug a Red Bull after 2pm.
The best part is that you can instantly go from "tired" to "not tired."
"Well I was tired but now I'm excited let's do it!"
"Oh wait, I feel tired again."
You're welcome.