It's called Yankee Swap up here (New England)
You draw numbers and #1 gets to take a present. (You never want to be #1). Then #2 picks a present, and can decide to keep it or trade for #1's (#1 has no say). The higher you go, the more already opened presents you have your choice of, so you want to have a high number.
Even if you're fairly high, if you got a great gift you can pretty much count on somebody after you swapping it for what they have.
It's fun -- you just have to enter it with the spirit of not getting your hopes up. Within a group of friends razzing each other it's fun -- I've never done it with coworkers or casual acquaintances and don't think it would be pleasant in that atmosphere.