Velago Nicaragua
Offers sailing trips, courses, rentals and kayaks on lake nicaragua (http://www.velagogranada.com/).
Laguna de Apoyo
The Laguna de Apoyo is a deep Volcano crater lake and presumed to have the clearest water in Nicaragua, you can swim and even snorkel in there. Overnight stays with either the Bearded Monkey or the Oasis are arrangeable too. A Taxi from Granada should cost around 8 - 10 US. You can alternativly take the bus to MAnagua and get dropped of at the entrance to the Laguna de Apoyo. From there you can take a taxi 4 US.
Canopy Tour
Take a Canopy Tour, where you will go flying on cables through the rainforest trees on the side of Mombacho Volacano. $25USD (http://www.mombotour.com/...)
Cafe Nuit
My favorite disco in grenada. live music starts at 10 on thursdays, fridays and saturdays. it is a great place to practice your salsa and reggaeton.
Bicimaximo
Rent a bike from Bicimaximo located in the central park, next to The Cathedral. You can bike to the Laguna de Apoyo or to Puerto Asese and see the entire city in one day. They even offer packages that include a bagged lunch from The Garden Cafe - $12 for a bike rental and lunch.
Local cinema
At the hostel named "bearded monkey", which shows two movies each day for only about a dollar entry-fee, has a really good selection of movies too, for friends of independent cinema, they rent dvds all day long.
Bluemountain Horsebackriding
Discover local farming and the area around the mombacho-volcano on horseback.
The Choo-Choo train
There's that weird train that goes all around town, originally for kids, but hey, great fun, it plays the latest reggaeton-tunes over and over again and it only costs five cordobas. hop on whenever you find it.
Horse and carriages
Circle the city center.
church La Merced
Go up the church tower at the church La Merced about 1US$ and watch the sun go down over the bustling city.
massage
Get a very inexpensive table or seated massage at Seeing Hands Blind Massage, located in Euro Cafe on the central park.
Volcano reserve
You can also go to the Volcano reserve and watch over the wide land, see the Managua lake and maybe get some stinky smoke in your lungs and be happy about the beautiful nature surrounding the Volcano.
Try interesting drinks at local market stands such as cacao de leche, linseed drink or red beet drink, beware: often painfully sugary!.
Get happy with Mangos! You can buy heaps of Mangos at the market for about 1 Cordoba each which equals about a 17th of a Dollar.
Take a bus to Masaya and visit the local and giant hand craftmarket good advice: better see the new than the old market, same stuff, half the price.
There are several low-budget Spanish-schools in Granada, the local Red Cross is a good option to go The Web page of the School located there is at: (http://www.granadanicarag...), since you can buy 1 on 1 Spanish lessons from them and so support them. For more options look around for flyers.
There are local guides too, that will show you around town or the area and tell you of the interesting history of Granada, one is called Gioconda, a very nice lady, that always takes her little traditional dress and umbrella around town, she sits everyday in front of the Hospedaje Central. Her office is at Cafeteria Taza Blanca - Tel 552 2876 or mobile phone 874 7822.
¡Wow Tours!
Take a boat tour around the hundreds of isletas in the lake nicaragua. â¡wow tours! is a nicaraguan owned company that offers community tours of the islands, where you will meet the local people who inhabit them.
Live music at Restaurant Imagine
One street north of calle calzada, going towards the lake on calle calzada from the cathedral turn left first block right after pasta pasta. one of the only places playing live classic rock unplugged versionin the city. live music starts at around 9 pm almost every day of the week. check the sign posted on the door daily to see who is playing. very relaxed atmophere and great food although a little bit pricey. no cover charge.