Every hotel has some water toys for its guests to use, and hotel activities desks can arrange fishing, diving, and other watersports. You don't have to stay at the Novotel Bora Bora Beach Club (tel. 60.59.50) to use its equipment and facilities, but you do have to pay a fee. You can go water-skiing, sail on Hobie Cats, paddle canoes, and get a bird's-eye view of the lagoon while hanging below a parasail.
Matira Jet Tours (tel. 77.63.63) offers lagoon excursions by jet ski as well as inland tours via all-terrain vehicles. Many of the people you'll see riding above the lagoon are with Bora Bora Parasail (tel. 78.27.10). If sailing is more your speed, you can go on a day or sunset sail on the catamaran Taaroa (tel. 24.62.04) for about 4,500CFP (US$45).
Kayaking -- Based at Rohutu Fare Lodge, Bora Bora Kayaks (tel. 70.77.99; borarohutu@free.fr) rents one- and two-person sea kayaks ranging from 1,500CFP (US$15) for 1 hour to 6,500CFP (US$65) for a whole day. These quality boats are made in the United States and come equipped with snorkeling and fishing gear.