Graffiti is everywhere in Toluca, ranging from amazing wall murals to amateur junk. Since you can't escape it, just embrace it. It's a good excuse to get lost in town -- you'll find some fine examples of graffiti art. Que clandestino!!
The extinct volcano 'Nevado de Toluca' (4690 m. high) is located South of Toluca. The crater contains two beautiful high altitude lakes. It is possible to do short hikes inside or around the volcano, or climb from within the crater to the ridge (quite a strenuous attempt requiring a good level of fitness and appropriate hiking shoes). The air is amazingly pure at that altitude. The 'Nevado de Toluca' is a nice day trip away from the pollution of Mexico City.
To get there, take a bus from Mexico City's Terminal Poniente (near Metro Observatorio) to Toluca. ETN operate luxury buses but their frequency is limited. A 2nd class bus is fine given that Toluca is only 1 hour from Mexico City by the highway. Once in the bus station of Toluca, go to the main taxi rank in front of the building and negotiate the trip to the volcano with the drivers. For Pesos $500 you should be able to get all the way to the lakes, have the driver wait 1-2 hours for you, and have a lift back to Toluca to catch a return bus.
On weekends many Mexicans make their way to the lakes to have a good time, thus the place can get rather busy, but not overcrowded.
Going to Soccer Match here in Toluca is good experience, one of the best 3 teams of Mexico play here, the name of the team is Diablos de Toluca, and is wired the fans names La Perra Brava, that are people that take off their T´s when the team score a goal. if the team score at the fist minute they stay jumping and screaming without shirts all the game.
Climb the Nevado de Toluca! A dormant snow-capped volcano, with 2 lakes in its crater. Close to the city, tours available.