Here is a great idea. Have each of the 1st - 3rd grade class fill a basket to raffle. Think of a theme for each class basket. Students buy items to fit the theme. Then you raffle them off. Do you have a holiday concert or something before that you can display them? If so, set them out and have parents/students pay a dollar for a ticket (or whatever amount you think). Put their name and phone number on the ticket. When your done with the raffle choose your winners.
We are doing this at our school. Some themes I am using are:
Movie Night Basket (videos,popcorn,blanket, pillow, DVD's)
Barbie Basket
Book Basket
Hot Wheel Basket
Mom's Spa Basket
Dad's Handyman Basket
Dog or Cat Lovers Basket
Chocolate Basket
Craft Basket
It does take someone to coordinate it and be able to send home updates to the parents, but it is worth it.
Good luck!