Hmm, I always thought a white elephant was a useless, tacky piece of junk given out as a gag gift. Definitely not something valuable or useful.
I would clarify with the host. You don't want to show up with TP when everyone else is giving fancy coffee, neither do you want to be the un-fun person giving a serious gift when other people are trading funny junk from their basement.
I throw a combination cookie exchange/white elephant swap every year. Here are some of the best ones over the years:
--someone's entire collection of single earrings
--a giant applique Christmas sweater vest with tassles
--a chocolate fondue set that was 3 years past the expiration date that had been regifted at least 4 times.
--a snowman door ornament that was shipped from the factory missing one eye that sang the wrong words to "Frosty the Snowman"
--a "holiday meal box" with Spam, a fruitcake, and spray cheese
--a dancing santa in a gold lame suit who would start dancing and then get stuck in one position until you hit him to start him back up again
Our exchange is definitley meant to be silly. We laugh until our sides hurt at the junk people come up with!
Oh, you guys have no idea. I've seen a pair of vintage silver go-go boots, a ready-to-use IV bag complete with necessary tubing, and my pastor husband received a pair of spandex thong underwear one year.The humorous presents are the most fun. You just need some creativity.....
At parties where we've given "White Elephant gifts", it's always something that we already have, but don't want/use; we don't spend any money. We usually look around the house/garage and find something fun to give.