This list is roughly in order of complication. Most of these items could stand along or work with the other items to limit your exposure. Again, we'd love feedback and any additional information that you could contribute to this effort!
1. Recreational Use Statutes
Your state very likely has a law or group of laws know as "Recreational Use Statutes" that work to limit the liability exposure of landowners. There is no reason to reinvent the wheel, American Whitewater has a great page explaining what Recreational Use Statutes are and links for each state.
2. Liability Waiver.
Depending on who you put your trust in, a waiver either provides quite a bit of protection or is utterly useless. Most of the experts we spoke to have stated that a good waiver is a must, and though it will not protect you completely, it does provide a layer of protection and is a near necessity in today's world.
If nothing else, it is a deterrent and causes people to think twice if your land is being used for activities that are greater liability than average.
3. Land Subdivision
Subdivide the portion of the property that you allow access to so that it is not part of the same parcel that your home or business is on.
4. Non-profit corporation.
Place the land that is in question in the name of a non-profit corporation that has no, or very limited assets. Make any attempted lawsuit virtually meaningless because there is nothing to gain from the organization other than the land.
5. Board Members
Consider forming a board for the non-profit corporation from young adults that have no, or very little assets. It is commonly known that board members for non-profits are getting harder and harder to find. A main driving factor behind this fact is that the possible liability exposure of being on a board is greater than it has ever been. Non-profits boards typically offer nothing other than good feelings as compensation and people are often hesitant about serving. If your land is being used by the community, this current generation has a real strength in serving in ways that are seen as good for the community.
If at all possible, seek out solid young people that have string support systems and encourage them to seek the advice of those who are mentors to them for decisions and directions for board votes.
6. Zoning
Work with local municipalities to see if there is any options to have the land zoned so that it has no significant commercial value and the land itself is not, or at least less, of a temptation for any lawsuits.
As an example: If the land in question were to be zoned so that it could only be used as a community gathering place, who would have any interest in obtaining that land?
7. Deed restriction.
This is the same concept as above, but coming from a different angle. In most areas, there is the possibility to have a deed restriction put on the land limiting it's use.
Again, the sole purpose of this site is to help landowners who what to share their land a bit more comfortable in the risk that they are considering. Any advice or options are welcomed and appreciated!