Boxing Day is a bank holiday, so many shops will be either shut or open for limited hours (often 10 - 4 or 11 - 5). It is unlikely that you'll be able to have tours of the colleges, though you'll be able to see some exteriors and Oxford is a pleasant enough place to walk around anyway. Walking by the river is always good, and it is just possible that some museums might be open in the afternoon. Pubs will be open but maybe for shorter hours than usual. You'll enjoy the day, I think, but your options will be more limited than at other times.
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