Disclaimer: I'm an Apple fanboy and investor.
Apple should spend their money on three things: content, infrastructure, and materials. I'll start with the last, first.
Materials: Apple can leverage it's cash reserves to lock in raw materials to build iDevices for years to come, and get a great price by negotiating long-term contracts. They are already doing this, and this is the right thing to do. It means Apple can get the best of the best to ensure their supply chain is sustainable and bulletproof.
Second, infrastructure: Apple can build thier own wireless network in all the major cities, and charge for wireless access… Or give it free with an "iCloud" subscription…. One that only works on iDevices. Ubiquitous internet access, "free" with your $99 subscription? It would make the telcos very very nervous… And give Apple another great differentiator to sell their products.
Finally, content: Apple sells iDevices for creation and consumption, and with the consumption part Apple is still beholden to the content creators. If Apple bought a major content creator… Like, oh, Disney… That would ensure a constant content stream that Apple can sell and promote… Content that everyone can access on their iDevices.