Bill,

As for activities on Molokai it's pretty limited to hiking - there's a hike to a waterfall at the opposite end of the island from the Sheraton. The resort chargs $130 or so a person to take you, but we bought a guide book and ventured out on our own. It's a little tough to find the trails because they've been washed out recently. The landowners around there were friendly and helped us find the trailhead. One tip is to cross the first river where you see the wire going across to hold on to. Bring mosquito spray.

Other than that the resort offers mountain bike rentals (bring your own gloves), skeet shooting, archery, horseback riding, kayaking. There are some dive charters too. You also can visit the leper colony. There's a donkey ride up/down the hill or you can hike it.
Sheri