Waikiki is actually one of the few places on Hawaii where you can get by with public transportation and tour buses. With the high price of gas, it’s probably a worth weighing out your options for skipping the rental car. For some freedom, you could possibly rent a car for a day or two. Here’s a post I wrote to help weigh the pros and cons of whether to rent a car or not when you are staying on Waikiki Beach. http://www.govisithawaii.com/2008/03/07/do-i-need-a-rental-car-if-i-stay-in-waikiki-beach/