From the trailhead at the Waboose Public Boat access (located off of Inner Forest Rd north of CR-2 north of Nevis, MN) head in either direction on the white-blazed trail. The loop features some rolling hills with gentle climbs and many views out onto the scenic lake.
The Waboose Lake Loop includes a portion of the North Country National Scenic Trail (NCT for short), which continues northwest toward CR-91 and east toward State Hwy 64. The NCT portion of the loop is both blue-blazed and white blazed. A spur trail from the loop leads to the primitive campsite on the end of the peninsula with water access, tent pads, fire ring, and a privy.
On the southeast side of the lake, you'll find an old-growth pine stand. To see it in its full glory, venture out and back a short ways heading southeast on the two-track road. This road leads out to Akeley Cutoff Forest Rd.