Brian,
I was VP of my chapter. Our VP is sort of a 2-part position. The first is, as many people have mentioned, the "second-hand" to the President. This means you are able to take over in their absence, for example, run a chapter meeting. The position is part of the executive board, which means you are involved in those meetings and decisions (by-laws, any disciplinary decisions, etc.).
Our VP is also our New Member Educator (formerly known as the Pledge Trainer). Since we had rush & new member education both semesters, you are responsible for working with the Rush chair. Then your responsibilities include creating the schedule for new member ed. (pledging), working with the Greek Life office, working with the new members, etc.
It was a very busy position, but I loved it! For some reason, the VP was also responisble for our annual Fall Retreat, which usually took place right before Fall Rush.
I also know that in many chapters, and other organizations, the VP is sort of the overseeing person for committee chairmen. They work with different committees and make sure these committees are staying within their guidelines & accomplishing their goals.
Hope that gives you some ideas. The main reason I wanted to be VP was the New Member Ed., and I'm sure you have a separte position for that. So I tried to include other ideas.
Good Luck!!! And Congrats on your position