Apart from hanging out at the beach, Nuweiba offers diving and snorkeling from the camps and hotels. A small reef is located south of Tarabin, otherwise better snorkeling and diving is found at Ras Shaitan Devils Head, a short car ride north of Tarabin. Other great scuba diving sites just a short drive from Nuweiba include South Cove a few kilometers to the north.
Short or longer camel treks can be arranged from the Bedouins at Tarabin. You can just ride along the beach or go into the mountain interior. A fair price would be 25 LE per hour.
Most of the camps and hotels also organize treks to the Colored Canyon and a smaller Canyon trek closer to Nuweiba. If you are in a group the price should be about 50-100 LE per person, maybe 400-500 LE for a 4WD to the Colored Canyon. This is considerably much cheaper than Dahab and Sharm.
Reserve at least a few days before you arrive if you want to spend a day at Castle Zaman. On a hill just north of town, it serves as an oasis for trekkers and campers in the area. You can spend a relaxing day on a bean bag seeing an amazing view of the gulf and 4 countries. Some of the features are a sauna, a good bar with cocktails, lunch/dinner, and a swimming pool that blends nicely in the nature of the area. (http://www.castlezaman.com/)