J.D.
My girls are 3 and 5. I work at night, so usually in the morning, the girls play while I get some stuff done... like laundry, cooking and dishes, maybe vacuum too. Then, when i'm done with that, we usually go out and do something... we may walk/ride bikes to the park, or go to the zoo (on my days off), or library storytime.
On sunday mornings before work, if we don't have any other plans, I take them swimming at the local community college (indoor pool).
At home, we play card games and board games, and I'm helping them learn to ride bikes and rollerskate. I'm also trying to get them more involved with helping me to the laundry and dishes too.
I was trying to squeeze a tv workout in as well, but I was starting to feel like I was getting everything done in time to leave for work, so I haven't worked out in a few weeks (oh well!)!
Just remember in 20 years your kids won't remember if the house was perfect, but they will remember all the things you do with them. if i were a SAHM, I think I would try to set aside a time for the housework, and then time for going out to have fun!!!
I hope this helps!!!