Wolf Road is the only part of Colonie that matters. It's the main commercial road near the airport, and thus is host to all manner of hotels, gas stations, restaurants, stores and the Colonie Center Mall. It is an excellent place to live as a hobo, as Adrian can attest to after living there as such for nine months. There's a Barnes and Noble to read in all day, a Hannafuck to buy cheap food at, a luxurious one-person restroom in the mall to bathe yourself in (not to mention the ones in Dunkin' Donuts and Panera Bread. Fucking wash yourself, dirtbag!), and plenty of dumpsters behind classy restaurants whose shit is better than what you can buy for money at fast food places. Though if you are into that kind of masochism, there is a McDonald's and a Taco Fuck. To be fair, though, this Taco Fuck actually cooks their shit, unlike the one in Clifton Park. Wolf Road is also easy walking/bus distance from the whole of Albany.
A good walker can hustle from here to Crossgates in half an hour or here to the corner of Central and North Allen in one hour.