Seth Godin has some pretty fantastic suggestions for what the unemployed newly-graduated can do with all their free time. These are things you could do that would up your experience, your skill level, and your employability, all while giving you much more enriching/fulfilling/dare I say it, even fun things to do other than sitting around on your parents' couch moaning about how much it sucks not to have a job. (And boy does it ever suck.) And even if you do have a job, these might be great things to do in your personal time.
Apparently some responded to Seth's blog with some criticism, namely how to pay the bills while doing a lot of pro bono work and self-funded training. If you can stay with your parents, or even some really generous friends, for a while, or if you can get some crappy job that helps you make rent, there's no reason why you can't devote at least some of your time to these activities. They could bring you a job you really do want, or just give you some things to feel good about in your life. Regardless, I think it's worth considering. I know I'm already adding some of these items to my to do list.
Thanks, Adam, for the link!