Huanchaco has the usual tourist facilities you would expect in an established resort -- bars, restaurants (mainly seafood), take-away, shops, a lively produce market, bank machines, a crafts market at the southern end, and a long strip of beach.
The main draw for travelers staying at Huanchaco hostels is surfing -- it has excellent breaks if the wind and time of year are right. Outside of the peak surfing season (December to April), beginners will find things a bit easier and less crowded. Many places offer board hire and lessons but it's wise to ask around for recommendations. Nights can be lively in the town and some places have very cheap cocktail nights, which are very popular. Out of season things quieten down markedly as the waves do.
Transport connections to and from your Huanchaco hostel are good and there are always buses heading along the beach road and on to Trujillo for transport connections to the rest of Peru or north to Ecuador. This is a very relaxing place with friendly locals and a good choice for a stop on your pan-American odyssey.