First, I would immediately pay off all existing debt: student loans, credit cards, car note. That would take me down to a little over $70,000. However, I'd also be saving nearly $4000 in student loan interest alone (and probably an equal amount on my car note) so it'd be worth it. Continuing to pay regularly would cost me nearly 10k more over the loan-lives.
The most immediate impact of this is that my disposable/take-home-non-bill income would skyrocket. I would increase my automatic transfers etc and essentially double my current savings rate. Meanwhile I could still live plenty high on the hog at the bar and so on.
I would pre-pay my car insurance for 6-12 months. This wouldn't make a significant dent in the $70k, but it would mean that I would have to worry about bills on an extremely minimal level.
I would make my 6-month emergency fund more robust and maybe more of a 12-month fund. This I keep locked in a relatively high interest savings. Emergency funds need to be liquid...We can say this would take me to about $62k.
I'd give my parents $10k and my brother $1-2k (he is moving across the country to Portland for grad school, and my parents deserve it). If i were feeling very generous I would put the same amount in a trust or something for my little sister but I feel like that would just create problems so I wouldn't.
I'd keep on my short-term plan for the next year which is take the GREs, and apply to grad school. What would be great is that this windfall would mean that nothing could prevent me from going to grad school except for them actually saying "OK! You're accepted, you're in!"
I guess I'd take that remaining $50k and put it in short-term CDs (if they had good rates) and a couple other "safe" but relatively accessible investment vehicles for at least the next 6 months.
I would keep my job at least thru the end of 2015. Probably through March 2016 because I would want to know if they were going to reward my hard work (aka promote me, or give me a raise and bonus, and so on). However once I heard about grad school assuming I got in, I 'd use this as an opportunity to quit my job a little early. I'd pick up a shit paying, flexible, customer-service part-time position somewhere so I'd still have some income coming in and I'd coast for the last 3-6 months before grad school. If I didn't get money I'd use my nest egg to help pay for grad schools. I would probably do 50/50 loans and cash payment in order to make the nest egg last longer and provide for things like food, etc. Idk. Whatever I had left at the end of grad school, I would first ensure I had about a 6-12 month fund to live on, and then put the rest towards paying off any student loans immediately.
Then I would have to face my big bright starry future, but with no loans and no debt, and I think it would be pretty great. :)