Me and my friend are coming to Amsterdam on the 15th of March and are trying to find a "CHEAP" place to rent for a week while we go apartment hunting and fill out necessary paperwork for temporary residency. Can anyone help us with any information on where to go?

Besides explaining what TS means, could you let us know (in € or in other words) what "cheap" means to you? I have a vivid imagination, but I wouldn't depend on that...
They think they can sort out visas whilst in NL Quote while we go apartment hunting and fill out necessary paperwork for temporary residency

Hi there,
I don't know how long you are planning on staying in Amsterdam and wether or not you will be studying, but I would like to warn you not to be to optimistic about apartment hunting in Amsterdam. Of course when you are studying the university might have some special programs for foreignstudent housing or if you are willing to pay quite a lot (about 1500 euro a month at least) it is possible.
I live in Amsterdam and finding an apartment is the most horrible thing ever, that takes dutch people months to years to find a reasonable place in Amsterdam. There is a lot of black market subletting because it is just very hard to find a place to live. It really comes down to knowing the right people and mostly beeing lucky and very patient.
I hope you have researched this and can fall back on some kind of student arrangement for housing. But even in that case, I would still try to sort it out from back home already. Just showing up in Amsterdam and looking for advertisements etc for apartments (like I know you can do in spain of the states) is just not posible (unless you are very rich).
Ii can't really help you on a hostel for this first week (wich I really hope for you will be just a week), there are tons of hostels but I don't personally use them. I know the flying pig is famous and supposedly not to expensive, but that's just hearsay I must be honest.
good luck!
" fill out necessary paperwork for temporary residency" You have to do that while in the USA! You cannot come in as a tourist and while in the country fill in the paperwork. Go to the nearest Dutch embassy for some advice, you could use it. Seond as Sanja allready says it is allready a big problem for the locals and student who are coming to study in Amsterdam.