I live in Truckee and commute to Reno. Drive is about 40-45 minutes, taking it easy (60-70 mph). You could live in Glenshire, which is about 15 mins. closer to Reno, and happens to be right next to Boca and Stampede.
I wakeboard on Boca, Stampede and Tahoe on the weekends. I don't have the flexibility to go out mid-week, but if one had to be at work at say, 1pm, you could definitely ride until 10-11am and still make it to work. The lakes up there are only good in the early morning.
Houses up in Truckee and Glenshire are, for sure, above $400K for a 3b, 2ba, however.
Don't know about the Reno housing market, but I think Scott might be on the mark. Lots of Reno folks end up at Boca and Stampede on the weekends...usually churning up the water with their wave runners! J/K, they're usually pretty cool, too. You could live in this area, hit up the nicer Sierra-type lakes on the weekend and hit Pyramid and closer lakes mid-week.
I think that there is a budding crowd of Reno people on this site, though, so you should be able to meet some good folks out here. I usually lurk, but thought that I'd chime in b/c I happen to know kind of a lot 'bout this topic. Good luck.
P.S. No Reno 911 jokes? I've never seen the show so I can't go there.