A “White Elephant” exchange is a way to give and get a gift by drawing a number and selecting a wrapped present on a table or “taking” a gift from someone who’s already made a selection. We limit our “gifts” to an item under $5, or something fun you find around the house and want to “unload.” Just wrap it up, bring it in, and take your turn choosing a wrapped item brought by someone else – or taking a gift won by and already unwrapped by another.