Jenell,
The runs I'd recommend would be pretty much everything off lifts 9 and 14. Lift 9 is considered the "local's lift" and although it's slow and long, has some of the best runs on the mountain. 'Plunge' is a favorite as is 'Kant-Mak-M' and 'Log Pile' (through the trees). It's on the Telluride side of the mountain, so it's in the shade all afternoon. It's better to ski this side in the morning.
Lift 14 (Gold Hill) has a number of great runs. ('Little Rose' and 'Andy's Gold' are favorites.) It gets great sun all day.
If you're into 'hike-to' terrain, we've got some phenomenal runs from the top of lift 12, e.g., Black Iron Bowl, Palmyra Peak and Bald Mountain.
Finally, if you've got the money and inclination, we've got the only heli skiing operation in Colorado.
As for places to eat, you'll generally want to come into town for food. My favorite restaurant is La Marmotte, but you may also want to try Cosmopolitan ('Cosmo' to locals), Honga's (sushi/Asian) or Siam (Thai). Allred's is good for cocktails and appetizers (unbelievable views of the town from the top of the mountain). You should definitely make it to the New Sheridan Bar for a drink some evening. (Despite the "New" in the name, it's the oldest bar--from the 1800 mining days--in town.) If you're just looking for a burger and a beer, the Cornerhouse Grille (the 'House' to locals) is probably my top choice.
There is a free gondola from Mountain Village into town. It's the only one of its kind in the US, and the views are awesome.
If you have any other questions, just let me know!