Being of European descent, here is what we do...
Big dinner around 7 or 8 p.m. Then we get ready for church, because in my culture, Jesus and the angels only deliver presents if we have been to church (St. Nicholas fills the boots on St. Nicholas Day, though in holding to tradition for my American husband, Santa does fill the stockings for Christmas morning).
We attend midnight candlelight service (love the candlelight services!), then come home and put on pajamas. Sometime during the pajama switch, a bell rings, and that is how we know that Jesus and His angels have arrived!
After a round of present opening and hot cocoa and music (thanks to the Ipod!), we head off to bed. Usually around 2 a.m. Not all of the presents are opened some years, because sometimes we are just too tired!
We didn't go one year to the candlight service, and I have to say the Christmas "feeling" was not the same. Something about the candles, and reverent voices singing, and the church bells ringing, just adds to the whole Christmas experience for me!