From good ol' fashion creek wading, to jumping off large and medium boulders, this is one Blue Ridge swimming hole that must be on your Summer 'to do' list.
From Lexington or Buena Vista, Virginia, take Rt. 60 east for several miles. As soon as you pass under the Blue Ridge Parkway, look for a gravel road on your right marked Panther Falls Road. This is a fairly bumpy gravel road, so take it easy. Follow Panther Falls Road down the mountain for just over 3 miles and park at the small parking lot on the left. The parking lot has an information kiosk right at the trail head for Panther Falls. From there it's a short hike down to the falls and swimming area.
There are a couple large boulders at the top of the falls area with a nice deep pool to jump into, and a not-so-intimidating jumping area for the kids further down. All in all, a great place to chill with your buddies, or take the family to make some great memories. Just be careful as the rocks get slippery once wet.
There are also a couple of campsites along the trail if you wanted to turn it into an overnighter.