I've just thought about getting into this again, I did it a few times and found only a few caches, and nothing that great was inside.
If you've never heard of Geocaching, you should definitely think about looking into it. Geocaching is the act of looking for a container - from a small pill-bottle-sized capsule to a large toolbox - that has been hidden by somebody else. The caches usually contain objects and a small journal to sign your name and tell what you took/left. It's common Geocacher courtesy to leave something if you take something, so make sure you have some things to put in it if you find something you like. Objects you can find in a cache can range from small erasers or pencils to more expensive things such as rings or necklaces (I've never found one but apparently people do this). You can look them up on the
Geocaching website, get the latitude and longitude of the cache, and input it into your GPS. All (?) entries are labeled with a rating of difficulty and terrain out of five so you can choose only the type of challenge you're looking for; the size of the cache; and when it was hidden.
I don't recommend using a GPS that's meant for cars, as they aren't as accurate as the small handheld ones. I used to use an old Garmin nuvi for Geocaching, and I barely found any of the caches I was looking for. My family recently got a Garmin GPSmap 60Cx, a small handheld GPS, so I'm thinking of using that.
You can also look up the location on Google Earth/Maps if you'd like to know about where to look, but beware that takes a lot of the fun out of it.
tl;dr - Treasure hunting with a GPS.