Is that this weekend? You're in my neck of the woods now. Crazy Place. Sure there is history and tradition there like the International Peace Memorial which commemerates the Victory of Oliver Hazard Perry over the British Navy in the War of 1812 as well as the ongoing peace since then between US, Canada and Britain. It's a National Park.
The modern history of the Island is that it is a Drunken Place!
Saturday afternoon through evening is complete chaos of drunken barchlorette parties and more.
The entire downtown district is bars. The locals do not allow their young children to be in the downtown area on the weekends. It tends to be an "Adult Environment" on the weekends.
A slogan that will serve you well at P-I-B is, "You can't drink all day if you don't start in the morning."
In other car stuff...
EVERY Sunday at 2:00pm there is a car parade that travels the entire island.
I would say that P-I-B has more Classic/Unique cars per capita than anywhere in the US. There are a few things behind this. One, the capita is low with only 138 annual residents in 2010 census. The other is that the popular tradition is to buy an old car to keep at your summer home on the island and then keep it there on the island to only drive on the weekends. The third is the fact that many just buy a car and keep it on the island. There is something like only 12 miles of paved road on the whole island. If you keep a car there all it's life it could last for eternity.
random video of parade
You'll be there on a weekend where classic cars come to the Island but on any given weekend most of the vehicles you see in these parades just stay on the island.
Speaking earlier of the hearty small group that stays year round, here is a neat winter video. Notice the old cars even in the modern days still being used as workhorses. At about the 2 minute mark there is great footage from probably the 50's of the locals Ice Racing Jalopies.
i'm going to be in PA. 
