Day cruises on a yacht offer narration and history of the lake by the knowledgeable crew as you visit Emerald Bay and favorite landmarks such as Eagle Falls, Vikingsholm Castle, Fannett Island (the only island in Lake Tahoe), the granite tea house that sits on the top of the island as well as the striking scenery of the Sierra mountains.
Tahoe waters are some of the clearest in the country! Take advantage of them in these clear bottom kayaks. Make sure to reserve a month or a couple of weeks before you intend to go as kayaks can go fast during the summer. There are other cheaper options nearby if you just want to kayak and don't care for the clear kayaks. :)
Hiking on Carson Pass can be as strenuous or as easy as you choose. One of the best hikes is the climb to the summit of Thunder Mountain overlooking Silver Lake. Around Silver Lake and out by Blue Lakes are several dirt roads and trails that are fun to explore. At Caples Lake are trails that take you out to the Carson River Emigrant Trail, a route used by emigrants with wagons heading west during the Gold Rush years. At the very top of Carson Pass you can follow the famous Pacific Crest Trail either north or south.
Mark and I love this hike! It starts at DL Bliss campground and runs along the lake for 6 miles to the vikingsholm at emerald bay. It is a fairly easy hike with a gradual incline and some rock climbing. Pro tip: get there early as the trail gets busy. We went right at sunrise when we did it.