Hi Pam,
The first of January is a little early for whale watching in Cabo. From what I could see the excursions usually run two hours from 9:00 or so until 11:whatever. If you do get to go there will be plenty of time to get to Cabo Wabo as well and still get back to the dock by 2:00 to get in the long line for the last tender.
From the pier Cabo Wabo is about a 15 minute walk - Follow the marina walk until you get to the building shaped like a lighthouse. Turn left and walk through the walkway between the buildings. When you get to the main street (Lazaro Cardenas) walk across to the little street that is almost directly across but slightly to the right of you. Walk one long and 1/2 a short block and you are there! You could also take a taxi but they jack up the prices when the cruise ships are in.
Here's the building on Google maps. Unfortunately they don't have street names... but Cabo Wabo is on Calle Guerrero.
For me, the must-dos in Cabo are sport fishing, chilling on the beach, eating at The Office (if you can ignore the unending stream of trinket vendors and pesky waifs with gum), and partying. Unfortunately the party scene is only decent at night, and even if you were interested the ship lets you off too late to head out on a proper sport fishing expedition.
There's a swim with the dolphins experience in town, nice tours of the harbor and Land's End (where the famous arch is found; you get really close), excursions to Lover's Beach (which gets crowded on cruise ship days), ATV tours to the desert (they used to be fun), pretty much everything on the Carnival list of excursions is decent in Cabo.
~ MattInSoCal
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