Parasailing's a very popular activity in Cabo, and is available at several locations along Medano Beach. Some are better than others, so my advise is to ask folks how they liked their sail when they get off the boat. You should try it at least once as it's a lot of fun. Most operators will playfully dunk you in the water, but if you take a camera, most do a pretty good job of keeping you dry. Lots of fun!
Equipment: All equipment is provided by the operator. Just bring your swimsuit and a towel!
ATV tours are very popular in Cabo. There are a few tours available and they are reasonably priced. I took the lighthouse tour, which lasted 3 hours. You ride through town and onto an area with trails, and it can be enjoyable. It costs US$45 for a single and $60 for a double, and prices are usually the same for all companies. Tour guides are included on all trips. You can also rent an ATV by the hour or by the day.
Equipment: All tours should supply you with the basics - goggles, helmets, and bandanas.
Always remember ATVs can be dangerous and cause death if not used properly.
This was a lot of fun. Was about $55 for 3 hours- you can find the people selling the tours everywhere in downtown cabo. We went all along the beach, got some great pics.