I loot everything, take the lava in the blacksmith, and use their farm as my farm but if I live far away I just take all the seeds and plant them at my house. Then I burn the villages if I have a flint and steel.
I move in, proclaim myself king, and build myself a nice castle next to the village. I'd then start fixing up and expanding things, like roads, animal/crop farms, and new buildings. Once I get enough villagers to spawn an Iron golem or two, I start trading, and watching the emeralds and good loot roll in.
The Meaning of Life, the Universe, and Everything.
Jeez, for a while there I thought I was on the Bay12 Forums.
Usually I hunt down a farmer, sell him his own wheat for emeralds, then I check around a bit to see if they are selling anything worth buying. If there is a particularly useful one like a priest or librarian I will take a screenshot of the coordinates Worse case scenario I'll trade the emeralds for arrows and move on.
Oh I guess I do loot the chests, but its not like they actually use them for anything. I'll also steal any exotic plants they have, especially carrots.