Mostly people just drink champagne and hang about, but if you're looking for something more Adventurous the sky's the limit.  Here are a few links to guide your search.

FYI: the USA Pro Cycling Challenge rolls into Aspen on Wednesday and out on Thursday.  It's basically Colorado's mini-Tour de France, and many of the best cyclists in the world will be racing.

http://www.aspensnowmass.com/summer-recreation/more-summer-activities

http://www.usaprocyclingchallenge.com/