Are you looking for something really interesting that you've never done before? Might I recommend crack or meth. Not interested? Good, because I hate crack heads and meth heads. But here are two events that are similar in nature but in different areas of the city that might catch your eye. They are Polar Bear Plunges. Basically they are fundraisers for different causes where you the willing participant will jump into an outdoor body of water. Sound decent? Well this is in February. Yeah, it's going to be cold.
The first one is downtown at the 10th Annual Polar Bear Plunge and Chili Cook-off down at Mud Island River Park on Saturday Feb 7 at 2PM. It benefits the Torch Run for Special Olympics. You have a $50 entry fee. I believe you can raise the money by having people pledge X dollars so you'll go freeze your ass off for a quick dip in the Wolf River. But hey, don't worry, I'm sure the cold has killed/neutralized all pollutants that this fair city has dumped into the river.
The second is in Collierville at the YMCA at Schillings Farms out there. It's Feb 14 at 10:30AM. Of course that raises money to help the YMCA teach children how to swim (if families can't afford it, they will help cover the cost through fundraisers like this).
Take a look at those. They might be something you might want to try. I did the one in Collierville last year and had a blast. Of course I thought I'd be "Billy Badass" and it would be no big idea. Unfortunately for me, I was no badass. I jumped in and quickly had to rely on my instincts. I turned around and tried to get out of the pool as quickly as possible. But it was really badass. I am definitely doing it again. I recommend one or the other for you.