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1Pay It Out to Shareholders

Apple can give some of it back to shareholders in the form of dividends. Many successful companies provide dividends to investors, yet maintain reasonable cash levels. Apple doesn’t. Maybe it’s time to start.

2Invest In Social Networks

Social networks are worthwhile investments. Whether it’s investing in Facebook while waiting to turn a profit on it when the company goes public next year or it’s buying Twitter outright, Apple should at least consider acquiring a social network.

3Build That Television

The latest rumors suggest Apple is working on a television that it could launch as early as late 2012 or early 2013. But that product will take considerable investment on the part of Apple. Maybe the company should dedicate some of its cash reserves to its development.

4Bring On the iPhone 5

When Apple unveiled the iPhone 4S, some consumers were disappointed it wasn’t a vastly improved iPhone 5. Some analysts say building a whole new iPhone would have cost too much. Luckily for Apple, however, it has all the cash it needs to invest in such a forward-thinking device.

5Acquire Cloud Service Providers

Apple’s iCloud service is just the tip of what could be a major iceberg for the Cupertino, Calif.-based company. The future of the Internet relies upon the cloud, and Apple could put itself at the forefront with acquisitions. iCloud is nice and all, but it can stand to be improved.

6Buy Sony’s Gaming Business

Apple’s App Store is filled with games running on the iPhone, iPad, and iPod Touch. And there are many people that believe Apple is slowly but surely becoming a gaming company. What better way to prove that than to acquire Sony’s gaming business? Sony’s operation will put it head-to-head with Microsoft. That might just be a good idea.

7Buy More Mobile Patents

Unfortunately, mobile-patent lawsuits aren’t going anywhere. In fact, it’s quite likely that companies like Google, Apple, Microsoft, and others continue to wage battle for the foreseeable future. Apple should use its cash to acquire more mobile patents, like its investment earlier this year in Nortel patents. It’s a good time to invest in IP.

8Buy A Wireless Carrier

It might sound like a risky move, but it might be worth it for Apple to acquire a wireless carrier. Although, Apple would only have a single carrier to offer its iPhone on, it would likely bring customers running to join up. More importantly, Apple could also make a profit on every Android- and Windows Phone 7-based handset that hits store shelves.

9Acquire Netflix

Over the years, Apple hasn’t always had such an easy time inking content partnerships with entertainment companies. Rather than fight to enter into agreements, why shouldn’t Apple just acquire Netflix? After all, Netflix’s stock price is plummeting, which means it can be acquired for much less than before. It’s worth considering.

10Nothing At All

All this talk of what Apple should do with its cash leaves out one key option: do nothing. And chances are, that’s exactly what Apple will do. Having boatloads of cash on-hand is a good thing, and it provides Apple with several options over the long-term. Saving the cash for a rainy day might actually prove to be Apple’s best bet.