Lake Como is one of the most beautiful spots in the world. The playground for the rich and famous and a favorite vacation spot for the Italians. It can be very expensive and hectic, but if you plan it well, it can been relaxing and somewhat affordable. While there are many sights, for this day, forget about them and just relax and enjoy the small towns and scenery on the lake.
Where to Stay
I recommend staying in the city of Como especially if you are coming on the train. It is an easy stop from Milan there is good public transportation. While there are many other towns around the lake, I like to stay here for logistical reasons as well as you can usually find a good affordable hotel here.
How to get around
The best way to see Lake Como is by ferry. There are fast ferries and slow ferries. Make sure you get a day ticket so that you can get off and on. I recommend getting on one of the slower ones, sit back and enjoy the scenery. Make sure you get yourself a time table because some of the smaller towns you can visit, have only periodical ferry stops and you can end up stuck there for a while.
What to See
The best advice I have for you is get on a boat, get a seat outside and watch the scenery go by you. If the boat stops in a town that looks interesting, make sure that you check the schedule to make sure there is another boat coming and get off. Walk around town and get on the next boat and continue on. I would recommend doing this until you get to Bellagio. Get off at Bellagio, spend some time walking around the town, I would get a good tourist map there and then when you are done, get on a fast express boat back to Como. Once you are back in Como, take the Funicular up to Brunate for a panoramic view of the lake and the Alps.
Get to Lake Como if you have never been there. If you have been there, go back and don't forget to relax.