Paraglide from Bob's Peak above the town

Ride the Skyline Gondola and luge ($59 NZD for gondola + 2 luge rides)

Hike Queenstown Hill (Ben Lomond alternative, 2-3 hours, free)

Bungee jump the Kawarau Bridge (43m, from $205 NZD) or the Nevis (134m, NZ's highest, from $275 NZD)

Skydive over the Remarkables (from $299 NZD for 9,000ft to $439 NZD for 15,000ft)