Hiking -- Cordova has more good hiking trails per capita than any place I know. The Cordova Ranger Station can provide you with a free trail-guide booklet with lots of ideas and maps. There are three hikes close to town and more on the Copper River Delta and at Hartney Bay (ask at the ranger station).
The Tripod Mountain Trail begins right from town and climbs 1,255 feet over less than a mile up the first mountain back from the shore, a half-day hike with views that present the Sound and Cordova like a map below you. The trail begins at the foot of the town ski lift, on 6th Street -- take Browning up the hill.
Partway up Tripod Mountain, near the middle drop-off of the ski lift, a 1-mile trail links to the Crater Lake Trail, which eventually joins the Power Creek Trail on a loop of 12 miles. An easier start for that route is the Power Creek Road -- drive it along the north side of Eyak Lake to the end, 7 miles from town. The creek has spawning red salmon in July and attracts a lot of bears; watch, but don't get out of your car if you come upon one. The trail follows the creek through dramatic scenery 4.3 miles to the Power Creek Forest Service cabin, with a great view.