Become a lord (as in count, Jarl, baron etc) of a region (county, hold etc).

Have you own castle and regional coat of arms, your own guards and administration staff. Employ officers and stewards to oversee daily on goings and needs of your people.

Cyrodiil had a Dunmer count over one of it's regions in Oblivion so race is not necessary.

I had an idea about this awhile back, and touched on it in the Beyond Skyrim thread, but i think it's a great idea and offers some interesting opportunities. In Morrowind we had the ability to build our own stronghold, and even direct the development of Raven Rock, and in Skyrim we have Hearthfires which allows us to pick and choose building components (to a limited extent, admittedly).

I personally think that Bethesda should expand on this base, giving us a run-down town and castle to rebuild and lord over. Rather than just making it a generic 'Build this, build that, finish, move on to other things' model, they could even implement a management system where you collect taxes, pay wages, issue bounties and dispatch your ever loyal city guard to clear out bandit lairs and secure the trade routes.

There's a great deal that can be done with a 'city mini game' that wouldn't break the immersion or overall flow of a TES game.

I seem to recall some mention that something like this was originally planned for Oblivion, where the destroyed city of Kvatch was to have been rebuilt and the player-character possibly become Count. That would have been a more fitting Main Quest reward than the suit of armor we were awarded (which one of my characters never bothered to pick up. )

Suggestions and ideas for the next TES game go here: http://www.gamesas.com/topic/1501334-official-beyond-skyrim-tesvi-37/