Not saying that this is an advise, or even a suggestion, but this is what I, for one, would do.
Scour the market for relatively beat up stocks with relatively high yield dividends (ETFs if I don't want the associated risks with single stock)
Buy said stock, or ETF, with half of my cash (save the other half to act)
Sell cover calls on said stock or ETF. pick a price where I'll make some money, but not get called.
Even if I just make 1% a month, that's 12% a year.
Rinse, repeat every month.
...
Profits.
Yeah, that's what I would do...