If you're not familiar with this fun custom, I insist that you try a white-elephant gift exchange in the future! In this gift exchange, guests bring anonymous gifts to a pile, and then determine a random order in which to grab presents from the pile. Guests can then steal other guests' gifts, or take another wrapped gift from the pile.
My friends always have a white-elephant book exchange during the holidays, and other people I know specify dollar amounts for white-elephant presents to make things fair. I've rounded up gifts at low-price points that would appeal to a variety of folks at a white-elephant party. Let the stealing begin!