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It all depends on the amount of money you have to invest. If you have a large enough sum, you cold look into city/county tax lein certificates. They often pay 16% guaranteed, but require the money to stay put for some time.
As fallenmuffin suggested, you could go for an aggressive mutual fund. I'm a big fan of the matthews family of foreign investment funds, in particual the matthews china fund and the matthews korea fund. Pretty high risk as far as mutual funds go, but the returns have been great.
Bank accounts and CD's wont even keep pace with inflation. THey're better that hiding your money in a coffee can buried in the back yard, but they wont make you any money and really cant be considered an investment in my opinion.
As far as risk goes, the rule of thumb I was taught is to subtract your age from 100 and then invest up to that percentage in high risk and the remainder in lower risk investments.
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