Spend about 50k on a degree related for a hobby that I otherwise enjoy but is generally considered useless unless you're willing to work for degenerates (three guesses what I'm talking about).
But after that, I'd drop about 100-200K on a decent house (nothing huge or stupid expensive, but in a nice location and not falling apart) then put about 500-600K in savings to pay for the taxes for the next 50 or so years so I can get by working an semi-easy going job. I don't think dropping work all together is a good idea because sitting around all day doing nothing while completely shunning the outside world rarely tends to end well unless you're a creative genius, which last I checked, I wasn't. So having something to get me out of the house and bringing in a little extra revenue wouldn't be a bad idea.
I'm not sure if I trust myself to invest in something, but if my math is right, I'd still have about 150-250K left to burn, so it would be something to consider, though I'd have to do plenty of research so I don't end up giving a good chunk of change to some moron who's "make it big" plan hasn't even gotten out of the "mulling it around in my head" stage.