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Ko Pha Ngan (or Koh Phangan) is an island in the Gulf of Thailand in South East Thailand. It is famous for its full moon party at Haad Rin Beach, as a backpackers destination and for its international meditation center Wat Kow Tahm. Ko Pha Ngan has two sister islands: Ko Samui in the South and Ko Tao in the North.
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Visit the beautiful waterfalls and lookouts in the interior of the island.
The herbal sauna at wat pho is a great relief after long party nights. Don't forget to leave a donation. It's located near the 7/11 branch in Baan Thai, on the south-western side of the island.
If you're into fire, you'll find spinners and twirlers on many of the beaches, teachers abound and poi are easy to find.
Both Thong Sala and Haad Rin sell pretty much anything you can think of, and probably some things you don't need at all. You can try to bargain, but realistically, the prices are set. You may get a deal every now and again, but it's the exception to the rule.
Main purchases you will find on Ko Phangan include hammocks (check out Hammock Home in Thong Sala, as well as some of the local artists works. Most of the clothing is of the variety that you will find in Bangkok, but generally it is a bit more expensive, as it has been imported to the island for sale.
Like the rest of tourist Thailand finding accommodation, transport, food only requires asking a local, or responding to one of the many touts that greet boats on arrival - don't be afraid to check a place out that they tell you about, and then look elsewhere - there is a wide range of standards, and they don't necessarily coincide with prices.