DW and I have planned a trip to Albuquerque over the July 4 weekend because... well, we haven't been there before.

Now the question is what to do!
We are generally active people who enjoy the outdoors (especially hiking) and a bit of culture & history. For example, one thing we believe we want to do is spend a day out at Malpais National Monument near Grant, NM. But that's just 1 day out of 4. Where and how can we spend the rest of our time?
1. We figure on spending a couple days in Santa Fe. We know there's a lot of hiking in the mountains nearby, though there's nothing specific we've pinpointed yet. Any suggestions?
2. Is it worth spending a day in Albuquerque, or should we spend an additional day in Santa Fe or somewhere else, maybe Taos?
3. Driving doesn't faze us, so are there other places within a few hours' drive we should consider?
Thanks in advance for your suggestions!