Ollantaytambo [1] is a great base for a number of excellent hikes, treks, and community visits in the area. A detailed map of a dozen local hikes is available from the NGO Awamaki (Calle Convención s/n, across from the temple, www.awamaki-us.org [2]) for about US$5. Summaries of these hikes, taken from the Awamaki guide with permission, are listed here. Before setting out on these hikes, check with Awamaki for updated directions.
Several agencies operate trips, including horseback riding, rafting, biking, etc. in this area. One that is highly recommended is KB Tambo Tours (Ventiderio s/n, tel. 084/20-4091, www.kbperu.com [6]), run by a long-time resident originally from the United States.
Sota Adventures (Plaza de Armas s/n, tel. 084/984-080-718), operated by two local brothers; KB Tours (Plaza de Armas s/n, tel. 084/20-4133, kbtours_2 [at] hotmail [dot] com); and the NGO Awamaki (Calle Convención s/n, across from the temple, www.awamaki-us.org [2]) also organize excursions to the communities outside Ollantaytambo.
Links:
[1] http://www.moon.com/destinations/peru/the-sacred-valley/ollantaytambo
[2] http://www.awamaki-us.org
[3] http://www.moon.com/destinations/peru/the-sacred-valley/ollantaytambo/recreation/inca-granaries-pinkuylluna
[4] http://www.moon.com/destinations/peru/the-sacred-valley/ollantaytambo/recreation/pumamarca
[5] http://www.moon.com/destinations/peru/the-sacred-valley/ollantaytambo/recreation/inca-quarries-canteras-and-sun-gate-inti-punku
[6] http://www.kbperu.com