Lake Wakatipu is the geographic centre of the town and the thing it was built around. The lake is 80 km long, technically 'glacial' in the only way that matters — it is cold enough year-round to take your breath away — and the mountains behind it are called the Remarkables with no apparent irony.
Do something scary
This is the birthplace of commercial bungee jumping. A.J. Hackett opened the world's first operation here in 1988, and Queenstown has been refining the form ever since. Whether your version of 'scary' is a bungee, a skydive, a canyon swing, or a mountain-bike descent, the town is set up to deliver it safely, on a shuttle, in between lunch and dinner.
Then do something calm
Central Otago produces some of the world's most sought-after pinot noir and it is all within a 45-minute drive of the town centre. We recommend the Gibbston Valley loop: three vineyards, a cheese shop, and a lunch terrace with a view of the Kawarau Gorge. Book a driver; don't be the person who drives home after a tasting.
Day trip: Glenorchy
The 45-minute drive from Queenstown to Glenorchy is the prettiest road in New Zealand, and Glenorchy itself is a 300-person lakeside village that looks untouched since the 1890s. Have lunch at the Glenorchy Cafe, walk the boardwalk, and be back in town for dinner.