One of the highlights of the summer in Munich is the Tollwood festival. Actually, there are two Tollwood festivals, one in the summer and one in the winter and they are very different affairs. The summer Tollwood is part music venue and part yuppie craft fair. It is held at the extreme Southern end of the Olympic park (consult a map before deciding to walk from the other side of the park as it is a substantial distance).
The festival, in general, has no admission fee and they claim that more than 70% of events held at the Tollwood summer festival are free as it is only the big concerts (that are held daily) that charge admission, which is just one corner of the festival. So there is no harm done if you go there, walk around, decide it’s not for you, and leave. It’s a cultural experience that many don’t get simply because they are unaware that it is going on at the time.
Food, drinks, beer gardens, and such are also available throughout the festival grounds. You can check out their facebook page as well: The Summer Tollwood Festival on Facebook. The festival dates are as follows: Jun 22th – Jul 17th-2011.
Also, for more on the Winter Tollwood Festival, have a look here.