I would do at least 1-3 days just in Bologna. Here are some attractions:
http://www.planetware.com/tourist-attractions-/bologna-i-er-b.htm

Cool day trips in the region would be:

Parma - cool art and history, plus great for food-lovers - home of parmigiano reggiano and great prosciutto (if you like real balsamic vinegar, you can also go to Modena in this region)

Ravenna - long history, cool archeological sites including a UNESCO World Heritage site (San Vitale), and Dante's tomb

If you like cars, there are tours of Maserati and Ferrari in the region.

Wine tours are good, and they give you a chance to look at some of the regions scenery. See info here:
http://vacation.away.com/travel-do-bologna-attractions-0136010029-sidart_200808_099709.html

Also good is Rimini or another coastal town where you can see the beaches. Rimini is also known for having a ton of nightlife.

The Comacchio valleys have a protected nature park that has canoeing
sometimes.

Carpi looks like it has some interesting stuff too, again, great for food.

This website is helpful. It is a hotel site, but on the right there is a list of towns in the region and their main attractions.

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