My ex, well kind of (complicated story!) lives in Williamsburg and I spent a few weeks there at Xmas. If you want to see what Williamsburg is like I've got a link to some photos I took
http://www.imagestation.com/album/?id=4287801543
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There are a fair few things to do, Colonial Williamsburg is rather picturesque and Jamestown is worth a visit if you are one of those people who feels guilty when you come back from a trip away you've learnt nothing. I'm also studying some Archaeology at University so it was of obvious interest.
As for young peoples entertainment there isn't much in Williamsburg, The College Delly and Pauls are W&M hangouts.
A trip to the Outer Banks is definitely worthwhile, about a two hour drive from Williamsburg. Make sure you visit the much quieter northern end of the Outer Banks around Duck and north towards Corolla (there is another thread about this in TravelBuzz at the moment) and of course Kitty Hawk and Kill Devil Hills. Thoroughly recommend fish tacos from Mama Kwans in Nags Head ^