Valentine's Day is really to celebrate love and friendship so why not spend the day or evening doing something fun with a loved one. Instead of the traditional dinner reservations, why not try something new like a cooking class. You can make that romantic Italian dinner together or you can learn how to make a sweet dessert for your sweatheart. Or if cooking really isn't your thing try to take a salsa dance class, then later on you have some new skills to show off to your friends.
You could plan a couple's massage and have them come to your home/apt, etc.
They say diamonds are a girl's best-friend, so jewelry is always a given on this special day. Depending on how involved you are with the person will help you gauge which piece of jewelry would be more appropriate. Something as simple as heart shaped earrings, a new watch or a pretty necklace.
Lastly, ladies we can't forget to take care of our men on Valentine's day. I'm sure they would like to feel special every once in awhile. I've learned that practical, useful things are good ideas for gifts when it comes to men. Trying giving something like a leather watch case, that new gadget he's been eyeing for the last couple months and have it engraved, or something nice for the house like a bartending set equipped with a shaker and personalized glasses.