I have one every year and it's a riot!
To Ava: A white elephant is similar to a Yankee swap except it's generally expected that they're all gag gifts--the tackier the better!
Some of my favorites:
--A box of free junk from CVS. The highlights were a box of Just for Men Touch of Gray, a zillion pantiliners, Gas-X, and half a dozen energy shots.
--A copy of Deal a Meal (complete with Sweatin' to the Oldies) someone had dug out of their basement.
--A singing snowman who was missing one eye who sang the wrong lyrics to "Frosty the Snowman"
--A giant, super-ugly Christmas sweater, complete with tassels
--An original Flowbee
--A green and gold leopard print "Boudoir Lamp" with black feather trim.
--A dancing Santa in a gold lame suit who had a bad case of arthritis and suddenly froze up in the middle of his dance until you smacked him against the table.
It doesn't cost a thing and we laugh until we cry!