Strap that badboy on and stand in front of the mirror practicing your guitar poses, stances, gestures, faces, and blindly running up the fretboard, perhaps while playing a favorite cd. That's the 1st thing I did anyway, but maybe that's just me (I doubt it though!) I didn't know much else to do with it.

But for some real starting advice, I'd say learn the "cowboy" chords (open position chords within the 1st 3 frets), some scales (major and minor pentatonic at least), and learn how to read tablature if you don't know. This site is a good start for a few beginner lessons, from chords to scales.