Like everyone else, I'd agree that debts suck. After the mandatory "get rid of debts, invest" is over, I would:
1. Buy a new computer.
2. Buy some Magic cards.
3. Buy a PS2, Soul Calibur 2, and Metal Gear Solid 3.
4. Give large gifts to all of my friends.
5. Buy flowers for about a half-dozen women I have a crush on. We're talking a lot of flowers here.
6. Buy a plane ticket home for just after Halloween so I can go to the Texas Renaissance Festival and see all my friends from home. Maybe see if I can bring along some of my Atlanta friends.
7. Buy a plane ticket home for Christmas, and recruit all my friends to help me decide what perfect gifts I could give my mother to thank her for supporting me through life and college.
8. Donate $1000 to ENWorld, $100 to animemusicvideos.org, $100 to sluggy.com, and earmark another $800 for other places that have entertained me.
9. That reminds me. *sigh* I'd buy a legal copy of Adobe Photoshop.
Fun topic for a person like me who has no job and is looking at a bank balance with three digits.