Here's my picks...
Go to the go carts off the island, they are way faster, and alot of fun.
Assateague Island is nice if you want to see what a barrier island would look like unmolested. They have ranger guided tours that are very interesting. And there is all sorts of wildlife.
You may be able to find a Charter boat with an open day or at least you could get on a head boat. The Mahi-mahi are in season and very fun to catch with stand up rods.
Seacrets is the nicest "club" IMO. It's mostly outside, set up like a Jamacian beach. there's one bar within that's right on the bay, from there the music isn't overwhelming and it isn't as crowded as the rest of the place.
North on route 1 you'll find all the Outlets. Most major brands have a store there.
Everytime I go, One night is bar hopping night. We start out at 5:00 or so and pay our $1 for the all night bus ticket. We then just get on and off everytime we see a bar we want to go to.
I have a waverunner and use it everytime I go down. Dewey beach Delaware (about 20 minutes north) was voted one of the best bays for waverunners (this is where I actually stay). Rent one, you'll have a blast.
There's always the boardwalk too. Rides, shops, and plenty of interesting people to look at.
There's tons to do, and plenty of adjacent smaller shore towns (like Dewey) if OC feels a bit overcrowded to you.
Feel free to email me if you want any more info.