I would stay in Waikiki and rent a car to check out other areas. In fact, as soon as you walk out of the airport just get on the car rental shuttle bus...that will bring you to the car rental place.
I stayed here,
http://www.ohanahotels.com/hotels-re...a-waikiki-east
Also not sure if your going single or with your wife or family. But Hawaii did not seem much of a pick up place if your single. It is a great place to spend with your wife though.