Lakeway is part of the fast-growing Central Texas, so many things in the city are very new. Therefore, many new attractions spring up.
Ranch Road 620 will take you into the city from Austin in the East. Once you pass the Mansfield Dam you are in what most people consider Lakeway. This is basically the only way into the city.
Lakeway is located off Lake Travis, but it wouldn't be feasible to keep a boat at a launch to get into the city.
Since it is a suburb, it doesn't have public transport so a car is essential in Lakeway.
Lake Travis is the large lake that Lakeway straddles. There are plenty of recreation opportunities including, but not limited to: Boating, kayaking/canoeing, water-skiing, and fishing.
Lake Travis, A vast lake already mentioned above, with plenty of recreation.
Austin is the 4th Largest city in Texas and is accessible via Ranch Road 620.