I have spent many the night at O'hare, courtesy of the weather, or other maligned event. Spent time in several hotels, sometimes without luggage, because it was a connecting flight and they didn't know where my luggage is.
In the event you are stranded, I have found the best (for me anyway) is the Hilton, there at the airport.
Get on the phone and make sure they have a spot. Then get someone from your airline to either get you a voucher, or at least a code for a discounted room rate. The rooms are okay for the price, and you can walk, inside so you don't get wet. And then there is a restaurant / bar in the basement (I think at the south side) where the food and drinks are better priced than at the airport.
If you don't need to exit security, and you are trying to get a reasonable sit down dinner (or lunch), on Concourse B (United), at the very end (where United express used to be), make a right, and the concourse continues. There is an Italian restaurant there (I forget it's name) but they are always open, because no one knows it is there. When they give you the menu, just ask for the lunch menu instead, and you can get better prices.
Also over on Concourse E&F, there is a sit down restaurant / bar. Again I don't remember the name, but they have cold beer. (it is near the exit to security). It has a bunch of Budweiser pictures, and some TV's, but overall okay.
Also, on concourse B, you can stop by and get your shoes fixed. An actual shoe repair shop, while you wait. (it is hard to find, but it is there). I'm sure you will be needing new shoe soles after walking around the airport so much.
Hopefully you will make your 7:00 flight.
