My favorite thing about the fourth of July is the fireworks. Every year, the country club located somewhat near my house has fireworks the Sunday before the fourth, and I get to watch them from my street. It gets a little harder to see each year, because those pesky trees keep getting taller, but the view is great.
Here is a video of the fireworks after A Capitol Fourth, another great July fourth tradition (though watched on TV). Enjoy, and happy fourth!