Amusement and water parks

Luna Park Tel Aviv is Tel Aviv's main amusement park. While the rides it has to offer are no competition to ones that can be found in other countries, it should still be considered for a visit by thrill-loving tourists, especially families with kids, since the park has a large amount of child-friendly rides. The park has two rollercoasters. It is located very close to the Meimadyon water park.
The Meimadyon is a large waterpark very close to Luna Park Tel Aviv. It offers a varied selection of waterslides, both for thrill seekers and for children. During summer vacations the lines get fairly long, so it is recommended to try and visit the park at a time other than summer vacation.
"Superland" is a name of an amusement park within an hour's drive from Tel Aviv. It is in the city of Rishon Letzion and is often visited by people from Tel Aviv seeking better thrills than the ones at Luna Park Tel Aviv. While it has less rides, the rides it has to offer are often bigger and built more for the thrill seeker in the family. The park has two rollercoasters.
"Yamit 2000" is a waterpark within a half-hour bus ride from Tel Aviv, located in the nearby city of Holon. It is a large waterpark, parts of which are enclosed in a building. The park operates 364 days a year(it is closed on Yom Kippur). During the winter when there is low attendance, or cold/rainy weather, many of the park's slides(usually the outdoor ones) open on rotation, whereas during warmer days with higher attendance all the park's attractions are operational. The park is both child and thrill-seeker friendly.

Performing Arts

Tel Aviv has the widest selection of performing arts in Israel.
Fans of classical music might enjoy Israel's Philharmonic Orchestra and the New Israel Opera.
The Barby (52, Kibutz Galuyot st., 03-5188123), and the Goldstar Zappa (24, Habarzel st., 03-6499550) present Israeli (and sometimes foreign) rock daily.
For more alternative and indie music with occasional jazz shows and electronic parties, head to Levontin 7 named after its street address or Brazilay Club.
Tmuna Theater (8, Shontsino st., 03-5629462) alternates between local acts, both famous and unknown, and fringe theater productions in Hebrew.
Dance can be enjoyed in Suzanna Dellal Center in Neve Tzedek.
Theater is mostly performed in Hebrew, naturally, but English interpretation is available is some of the shows for extra-fees in Habima National Theater (03-6295555) and HaCameri Municipal Theater.
Underground music: hardcore, punk, ska, emo, club Patiphone (Yitzhak Sade st. 32)

Festivals

Tel Aviv hosts many festivals and happenings. Something is going on almost every weekend so make sure you're updated!
White Night Festival. This annual event, usually taking place late June or early July, is a celebration of Tel Aviv's White City's proclamation as a UNESCO World Cultural Heritage Site and organized by Tel Aviv's municipality. During the "White Night", cultural institutions, as well as commercial ones, are open to the public all night long, and many special events take place. 
Tel Aviv Fashion Market. A highly recommended biannual event (Winter/Summer) where Tel Aviv's top clothing designers show and sell their stuff. Focused on urban clothing. 
Night Flea. Every August, Jaffa's burgeoning flea market is active all through the night on weekends, with special events, shows and exhibitions taking place. 
Docaviv, The Tel Aviv Cinematheque, 2 Shprintzak Street. Tel Aviv's International Documentary Film Festival. Every year in May, Docaviv presents the most innovative, provocative and important documentary films of the year from around the world. 
The Tel Aviv International LGBT Film Festival, The Tel Aviv Cinematheque, 2 Shprintzak Street. Lesbian/gay/bisexual/transgender film festival. Celebrating gender diversity. Happening in June. 
The Tel Aviv International Student Film Festival, The Tel Aviv Cinematheque, 2 Shprintzak Street. One of the world's most important student film festivals. Happening in late May.