It's nice to know that President and Nancy Reagan enjoy fun and games as much as anyone. The first couple spent Valentine's Day at their Santa Barbara, Calif., ranch, where the first lady scattered "little love notes" around the house for her husband, said Nancy Reagan's press secretary.

There wasn't much else to do. Rain, heavy winds and mud slides since the Reagans arrived at their ranch Wednesday have prevented the president from horseback riding. Reagan will return to Washington today, while the first lady goes to Los Angeles to attend the wedding Sunday of Douglas Wick, son of USIA Director Charles Z. Wick, to Lucy Fisher. A Degree for Lady Bird Johnson

Lady Bird Johnson will give the commencement address at George Washington University's winter graduation ceremony Sunday, speaking to about 850 graduates about the importance of education. The former first lady will receive an honorary Doctor of Public Service degree, and Rep. Michael Barnes and Mary Futrell, president of the National Education Association, will be among those receiving Distinguished Alumni Achievement Awards.

Johnson was hospitalized for tests for five days after suffering a fall and a fainting spell about two weeks ago, but she is still expected to speak, a university spokesperson said yesterday. Financial Empire Hoax

Small-time Seattle publisher Keith Gormezano made Inc. magazine's list of the top 500 companies with a company that earns only $200 a year. Gormezano, 30, manager of a two-story apartment building and publisher of a small literary magazine called The Beacon Review, listed himself as the chief executive officer of at least five nonexistent companies.

One of the fake businesses was La Beacon Presse, which claimed to have earned $666 million in 1985, making it the 35th fastest-growing company in the nation, according to Inc.

The stunt was discovered and reported by the Seattle Post-Intelligencer. Gormezano said the whole thing showed how easy it is to get onto lists. He said he got his phoney companies listed by filling out forms and creating false financial documents. Whenever he was pressed for specifics about his businesses, he said he did not disclose such information because the companies were privately held. "In this country, we accept too many things as fact," he said.

Gormezano's actions would be considered criminal if he obtained money using the false pretenses, but he said he returned any money he received from people who wanted to order books. He said his five-year-long scheme actually cost him about $900 for a business phone, business cards and other expenses. End Notes

Yes, Virginia, there is romance on the Hill. More than 1,000 nominations were received in a Capitol Hill area "Taste the Romance" Valentine's Day poll, and winners were selected on the basis of the most votes and most creative reason for their nomination. Some of the softhearted politicians chosen were Sen. Frank Murkowski and Rep. John Conyers Jr. Manuel and Carrie Gallardo won the "Capitol Hill Couple" category . . .

Cambodian-born photographer Dith Pran, who was depicted in the movie "The Killing Fields," became a U.S. citizen this week in New York City. Said Pran, 44, "I'm glad I made it. My dream came true." One of the first things Pran said he wants to do as a U.S. citizen is get a passport . . .

Sen. J. James Exon is in good condition after an eye operation Thursday and should recover fully in a week, his surgeon said yesterday. The senator reportedly awoke Saturday at his Nebraska home with clouded vision in his left eye. He had a torn retina, which caused a major hemorrhage, the doctor said. Exon is at Methodist Hospital in Omaha . . .

While in town for his Kennedy Center performance, Benny Goodman hosted a private dinner party at the Windham Bristol Hotel, where he's staying. Guests included David Brinkley, big band singer Helen Ward and Sol Linowitz, former ambassador to the Organization of American States.