I've been in that situation for a couple years now. Can't say as I've made the most of it. But I have done some additional volunteer work and spent some regular weekly hours with my now 6 year old nephew. I also took a 2 week training course in bike mechanics and found a part-time seasonal job in a shop. In the non-LBS season, I generally work at my old job more than the 24 hours I get paid to work, and may be there 5 days/wk. Somehow the house painting and other such things I'd planned for my extra time never happened. The things I made commitments to happened, the more open-ended stuff mostly didn't.
Oil is good, grease is better.
2007 Peter Mooney w/S&S couplers/Terry Butterfly
1993 Bridgestone MB-3/Avocet O2 Air 40W
1980 Columbus Frame with 1970 Campy parts
1954 Raleigh 3-speed/Brooks B72