You now have the Alicorn Amulet. What do you do?

[Silverhoof 2,844]

First things first. Break into a certain library and STEAL the elements of harmony. I don't like ponies having the ability to stop me.

Locate Discord and exile him to Human Earth, same with all the alicorns.

 

Magically turn the Equestrian guard into my personal army of batwing ponies. Control Canterlot to start and turn key unicorns into mind-slave thralls. from this position of power move to takeover all of Equestria. Unicorns will rule once again. The pegasus will serve as my batwinged army. Earth ponies will learn to accept their lot as serfs and slaves.

 

Bow to King Silverhoof.

[Astrobrony 655]

Boy this is a tough one.  Honestly, I had the powers of an alicorn, I would probably just do this...

 

 

And I would definitely add the whipped cream!

[Inkheart 2]

My inner conflict would explode me. Hah...
I don't think I would be able to resist the temptation of power. I would probably start out using it for good things, and then get all corrupted and take over the world.
...However, assuming I DID resist the temptation, I would keep it safe until I really needed it...

 

...and then get corrupted and take over the world. Either way, the world would be pretty screwed...

[Pinkie4eeeever 38]

Turn Gilda, Diamond Tiara and Silver Spoon into ducks. Magically create a giant cake castle for everyone and then destroy the amulet. That's all I need.