Welcome to OR.
Depending on what type of things you like to do, there is plenty of stuff to do in the area. I'm not sure exactly what kind of activities you are looking for, but if you like the city life then Portland is just down the highway (obviously you know if you ball in the Pearl)...
Any college is what you make of it... I'm about to bounce from here in June (been here 5 years) and work at the swoosh up in Beaverton, but as has been said, Corvallis is a nice small town.
I'm from Portland/Beaverton/Hillsboro area and I've known it all my life so I'm a city kid at heart...