"The Oaks" on the Friday before is when the locals go to the track. Less pageantry, but also less people and significantly less expense. "Derby Day" is pretty exciting, lots of fun and lots of glamor and the locals who are not at the track have a "Derby Party" in their homes. I had the corporate box and 4 out of town guests one year. We went both days and my expense report was nothing short of obscene even though they stayed at my house.
The best recipe I've ever heard for mint juleps contained about 10 steps and the last one was, "Now, pour that thing out on the ground, fill your glass with the best bourbon in the world, and have a good time." (Mint juleps are nasty!)
The Derby's best moment, when they play "My Old Kentucky Home" prior to the race. Second best? When the horses come around the last turn headed for the finish line. (It's a really long moment!)
Derby Week has lots of fun stuff, including "Thunder Over Louisville" an airshow followed by one of the largest fireworks displays in North America. Best way to watch: Rent a hotel room downtown and buy a ticket to watch from the Science Center. After the fireworks are over, go back to your hotel and gloat while you watch an enormous traffic jam on TV.
Come on down and have a good time!
_________________________
In this world you must be oh so smart or oh so pleasant. Well, for years I was smart. I recommend pleasant.