Generally when the Outer Banks is reference it is referring to the land mass that is across the North Carolina sounds. Click this
Manteo, N Carolina, USA - Google Maps
and zoom out you will see a strip of barrier islands that surround the coast that is the official outer banks.
Some seem to call the area around Morehead city the southern outer banks so if you see that reference you will have idea of what that is.
Generally the outer banks goes from Corolla down to Ocracoke when it generally referenced.
The outer banks has tough restrictions on development so some may not find the things they enjoy like at Myrtle Beach. There no skyrise hotels or large amusement parks but there is plenty to do in my eyes to keep you occupied from a break in the sun.
It the best place to relax and enjoy a good book with the ocean air flowing through your hair.
Some things to do at the Outer Banks