The annual Perseids meteor shower will be peaking Wednesday night into early Thursday, and astronomers believe it could be an especially good year. Up to dozens of meteors an hour could be visible, starting after dark on Wednesday, if the weather cooperates.
For the 2002 Leonids, I actually drove out to the country on a freezing night only to be disappointed by a lot of clouds. When I got back to the city, even with all the lights, I saw dozens of meteors start flashing by. Even if you can't drive out somewhere remote, it's worth getting up a little bit early (or a lot, try to come out before 4am) on Thursday to try and see a few falling stars before dawn.
You don't need a telescope, just give your eyes a little while to adjust to the dark. Make a few wishes too.
Read the Sky and Telescope Perseids report. Also the Viewer's Guide from Space.com.
Get your local forecast at the Weather Channel.