Bite of Seattle is a food festival at the Seattle Center this weekend. Lots and lots of food booths with samples foo for $3 and up. The Torchlight Parade is a parade that goes through downtown Seattle for Seafair weekend.
 
Here's the links for more info:  
http://www.biteofseattle.com/home/default.aspx  http://www.seafair.com/x406.asp