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I would buy a small-ish country club, and play more golf than I'd previously thought possible.
I would purchase the Boston Beer Works across from Fenway, and like 15 good season tickets (full package) - Good beers, good buddies 82 times a year.
I'd pay my way into a med school I didn't belong at, then bust my ass to graduate on time and in the top quarter.
Other than that - I think I'd spend every damn cent of it, saving a small bit for later in life (kids' college, retirement) and keep working every day until I retired. Being a sessile rich guy doesn't sound very cool.
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