Outdoors
The "Gunks" are 10 minutes away and offer World Class rock climbing and bouldering at the Mohonk Preserve and Peterskill. Mohonk and neighboring Minnewaska State Park and Sam's point preserve offer great hiking and biking trails. Some highlights are the lemon squeeze hike to mohonk tower (full day hike), the many trails of the minnewaska state park including beautiful Awosting falls, and Sam's Point with it's year round Ice Caves. There are also free campsites with easy access along 299 on the way to the gunks.
In town, there is the rail trail on the west side of town, right before gilded otter. There are free bike's available as well on first come basis.
Art
Local Galleries and the Dorsky Museum (on campus). A Hudson River School Artists is going on through December.
Shopping
Lots of shops on main street from trinkets, souvenirs and art to head-shops and high-end home goods. It can be nice just to wonder in and out of the shops.
Food
New Paltz has a ridiculous amount of food establishments within a small distance, covering many genres, like Italian, Japanese, Chinese, Burgers, Pizza, Thai, Indian, Greek, Vegan, etc. See a full list from google and there shall be menus from a lot of them available for your reference prior to choosing a place to go to.
Cheap
Gourmet Pizza - Great NY style slices, arguably best in town, but there are like 5 other options as well. Gourmet is a favorite of the bar crowd because it doesn't close until after the bars do :)
P&G's and McGuillicuddy's - Bar / Restaurants across the street from one another. Both very popular. Have good traditional bar food
Bistro - breakfast / lunch - offer a $2 2 egg breakfast, other options are more moderately priced. Vegan options.
College Diner, New Paltz Diner - New Paltz diner is closer to town.
Moderate / Expensive
Gilded Otter - Microbrew house, great food and beer! Nice atmosphere.
Bacchus - more expensive bar food w/ upscale options.
Expensive
Tokyo Steakhouse - Japanese steakhouse (chefs cook in front of you, put on a good show)
Drink
This is a college town so there are pretty much drink specials at every bar - every night, and they can be really cheap (think $2 well drinks and $4 pitchers) When college is in session these can get packed with students and they turn into dance clubs the later into the night you go (they switch over from family restaurant to club around 9pm, with club-bars closing at 4am most nights). The exception to this rule are Bacchus and Gilded Otter which keep the bar feel and don't get overly crowded. Oasis doesn't really turn into a dance club (it's in the joining bar-club downstairs), but they have live music most of the time and it's a mix of ages. I would recommend starting here around 9pm if you wnat to go out and venturing up or down the age scale depending on your tastes. <a href="http://maps.google.com/maps/ms?hl=en&client=firefox-a&ie=UTF8&fb=1&split=1&gl=us&view=map&ei=QlSESoSkGcWBtgeFjOmuCg&msa=0&msid=106462402765519968282.00047108f21c5270ccb1b&ll=41.747206,-74.085596&spn=0.004611,0.009645&z=17>See this map of new paltz, where the common bars are highlighted.