From a student's perspective...
There really isn't that much to do in Elon if you're comparing it to say, a city. But there are tons of shopping places, and restaurants along with a movie theater and a bowling place. Unfortunately, you really need a vehicle to get anywhere because walking along certain roads can be super dangerous as there is no sidewalk and barely any shoulder room. There is the Bio bus and zip cars though. And good luck finding an internship in the area.
On campus there are plenty of activities going on, even if you're not into Greek life. There are generally two or three "cultural events" per week which consist of performances by students and/or professionals (you'll probably be required to attend at least ten for your global experience class; I recommend the performances, the speakers are so-so), movies on the lawn, midnight meals, and the student union board usually has some event going. A few weeks ago there was an outdoors Clue tournament where students played an Elon version of the Clue boardgame (prize money included). Intermural sports are popular too. The gym also offers outdoors trips and random fitness classes. As for dorm events, it really depends on where you live and who your RA is. I live in a learning community but my RA doesn't seem to like people in general so....

. SOL As a hall we've just been taking initiative and creating our own activities.