One million dollars would be quite the nest egg, I wouldn't save it as such, but I wouldn't blow it either. I'm thinking along the lines of dumping it into a term deposit or savings account, in which it accumulates monthly interest, or even daily. A term deposit would keep you from touching said amount for a set period of time while it grows, but in the event that you need money in say an emergency, a savings account would be better, it that amount was the only money you had. With a large amount such as one million dollars, you could effectively (and very comfortably) live off the interest that it accumulates in your account. That's what I'd do at least. A million dollars, earning daily interest could basically allow you to buy a house using the interest it gains alone after a few weeks, depending on the interest rate.
If I were to use any of it though, I'd buy the 21 window, split-screen VW Kombi I've always wanted.