Well I have stayed in Fayetteville for the last 4 years and honestly I do not find a ton to do.
The best things are hiking, back packing, fishing, hunting, canoeing and out-door stuff. Limited bars/club. Nightlife sucks if you are planning to be here long term. The closest fun city is Dallas which is still 6 hours away. Most of the fun stuff is hanging out watching movies, pot-luck parties, wii game nights, pool and bowling. Flying from XNA sucks since you always have to get a connecting flight hence costs are more.
Cost of living is low. Having a car is a must here if you want to get around.
It is a good place to start off, I have made the best of friends here and loved undergrad. But I would recommend another city if you are looking for a life outside school.