What I would do: Donate it to the local charity and deduct it's original value from your taxes? (Check w/ Accountant on just how much you can deduct, probably have to do some depreciation.)
Run OS/2 1.3 on it (I have a copy, if you have a HDD it's 4 floppies). No idea if it would work, but, 286 is the minimum rqmt. Brag how you can multitask on a 286. Mumble when people ask what you are multitasking.
Start calling local PC Shops and ask if they fix computers. When they ask you what it is act real stupid giving vague descriptions, mentioning 286 somewhere in the sentance. See who tells you it's not worth the cost of labor to do anything on it. Keep them in mind the next time you have to get a real PC Fixed.
On a less serious note:
Run Norton SysInfo (old ver) on it and be amazed at home much faster than an 8086 it is!
Go back in time 15years and have one bitchen machine to play kings quest on!
Give it to some guy who's got a Will work for Food sign, tell him the PC is trained in the same line of work.
Call up AOL and tell them you can't connect. Try and keep a straight face as they go through their diagnostics with you.
Melt it down and search for traces of gold. (Warning: The cost to melt it down is much more than the value of any gold you'd be lucky to get out of it, but, at least you can say you turned a 286 into gold).