Well, they can do a lot, depending on how your system is set up.
1) They could plant a virus or keylogger, only if they have access to your computer, and it does not have a firewall and/or latest patches. If you have a good firewall on the PC, and it is up to date, it would be very hard for a wifi hacker to plant anything.
2) They can monitor all the network packets, and steal your user ids and passwords, then steal your accounts. That includes any things like Paypal or online banking (harder to do, but possible...)
3) They can gather enough information about you to steal your identity. Once they have enough information about you, they sell that info to other hackers.
4) Not just a hacker, but some perverted child porn person starts to download child porn via your wireless connection, and the cops raid your house for a "Child Porn Bust". Your stuff is seized. Eventually you get it back, but everyone will wonder about you from that point on....
The list goes on (movie downloads, spam mail sent from your email accounts - getting them closed down, and so on...)