I would recommend Peter Pan. It's probably my favorite book and first read it at 22. It's the epitome of all the things you are looking for and still has some strong themes that are really relevant at that age - Peter's unwillingness to grow up coupled with Captain Hook (the grown-up) chased down by time (ticking crocodile). It's nothing like that silly animated Disney movie.
I liked the Hobbit much more than Lord of the Rings. As much I enjoy the LOTR movies, I just couldn't get past page 150 or so in Fellowship. All they do is eat lol. The Hobbit has some of that too, and from what I remember a dozen flat tag-along dwarf characters, but it's still enjoyable.
I'm a hardcore advocate of graphic novels, and there's nothing more action/adventure than superheroes. "All-Star Superman" and "Irredeemable" are some top-notch graphic novels. Jeff Smith's "Bone" is published by Scholastic and is amazing. It's fantasy, humor, action, and adventure all in one. It's really a one-of-a-kind work and you can get the entire 1300 page (I think) omnibus edition for quite a reasonable price (as far as graphic novels go, especially of this size). Otherwise, there are full-color volumes available that break it down story by story.
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