My wife and I will be there all weekend. We're staying within (long) walking distance.
Look at the list of boats that are going to be there, and prioritize a couple of the big ones you're interested in. That way you won't be disappointed by missing it. Also, the crowds are lighter early in the day so you can get to what you want to see easier.
Start at the back and work your way back forward. I think it's less crowded that way.
Do the same with the vendor list if you're interested. If not - more boat time!
If you want a free drink, stop by the Hendrick's floating bar. They're always fun.
If you haven't had one before, a Painkiller at Pusser's is mandatory.
Don't fall in the water. I've seen it happen a couple times. And if you see it happen try not to laugh
Friday is less crowded than Saturday or Sunday.
I think that's about it off the top of my head. Some people may loosely plan a get-together in the forum somewhere - keep an eye out!