Congrats Dragadon.
paramiteabe, why buy Hawaii when you could buy an equally sufficient island at 1/50th of the price?
Anyway, I'd buy a piece of Antarctica on which I'd build a palace. There I'll scheme up a plan to conquer the world. Once I have acheived world domination, I'll develop a cure for death (to be used on your's truly), afterwhich I'll spread my wrathful tentacles to the farthest reaches of the universe!
Does 1 billion dollars go that far these days?
As for what I'd do to get the money, I'd draw the line at anything more extreme than amputating my pinky.