The trick with Naples Island's delightful boat parade is how to see it if you don't happen to live on Naples Island. The best bet, while not the cheapest, is to indulge in a gondola ride that navigates the island and its canals. Several restaurants have views of the parade as well. And another great way is a friend with a boat, of course.
It is also possible to access the island by land. Exit the 405 at Studebaker (or from 7th Street from the south) and head south on Studebaker toward the beach. Turn right on 2nd Street. The second light is Pacific Coast Highway; go straight over the Davies Bridge to Naples Island. The island has very limited parking, though Naples Elementary School (5537 The Toledo) has some parking for $20. Alamitos Bay Marina offers free parking just over the Davies Bridge from Naples.
The parade is divided into an early parade for large boats, followed by smaller boats 45 minutes later. The two sizes of boats have their own courses; maps are available on the Naples Island website.
Love holiday boat parades? Check out these other LA & OC Christmas Boat Parades.