1) If you want to catch some player sightings, make your way to the Hilton Hawaiian Village, which traditionally hosts lots of players, and has several Pro Bowl-related events throughout the week. They'll be selling Pro Bowl merchandise all week, and two barbeques are scheduled leading up to the game.
2) At the Outrigger Waikiki hotel, a few doors up from the Hilton, Duke's Canoe Club, named after the legendary Hawaiian surfer and swimmer Duke Kahanamoku, is always a popular hangout for players, and one of the great tropical bar/restaurants in the islands. I once spent quite a pleasant afternoon drinking beers there with Jim Plunkett, the former Raiders quarterback.
3) If shopping is on your mind, get yourself to the expanded Ala Moana Center, just down the street from Waikiki, which with 290 stores is the largest outdoor shopping mall on the planet. The food court is a great place to sample every kind of Asian and Hawaiian dish imaginable, as well as a fine place to engage in some of the best people-watching on the islands.
4) If you run into any members of the New England Patriots or New York Giants, shake their hands and buy them a mai tai: That was a great Superbowl game.