"What to do with a 4-8 hour lay over in Anchorage?" Top 5 Page for this destination Anchorage Favorite Tip by RickinDutch

Favorite thing: Pass thru Anchorage many times a year. With that long of a layover think about renting a car a driving somewhere. A cab downtown is $20, so for the price of a roundtrip cab you can pay for the car rental. I use Expedia to book the lowest price. Just remember whatever the sticker cost is listed, the taxes and fees for renting a car are going to double the listed daily rate.

An hour south along very scenic Turnagain Arm gets you to Portage Glacier. On the way back stop in Girdwood for dinner - Double Musky or one of the Alyeska Prince Hotel restaurants.
Or you could drive north to Talkeetna and catch a glimpse of Denali (maybe).

Or stay in Anchorage and drive downtown, see some sights such as Alaska Cultural Center and then a nice meal at some of the many good restaurants. Then off to the movies or Blues Central from some jazz....
Then, maybe, you'll be tired enough to sleep in the terminal for a few hours.