We don't do too much, being non-drinkers - it often appears to be a 'drinkers holiday'... But we do let the kids stay up late and they like to run outside at midnight and make as much noise as they possibly can while all around us neighbors are banging pans, blowing whistles, hollering and shooting off fireworks. We have neighbors who have a board-games party on New Years and at midnight all the under-18 kids toss a huge ball of crepe paper from hand to hand around the room, unraveling it as they go, as it has small toys wrapped up in the many layers - this is their "ball to drop" instead of watching one on tv. ;-)
We stay up and eat snack foods all evening instead of eating a big meal. Since our families are spread all over, Grandma/Grandpa calls each child's family at/around midnight to say Happy New Year....so you had better be up to get the call!!!! LOL Sometimes we have local family over during the day to watch football, sometimes we all stay home. Not big party/beer drinkers here.