For us a white elephant gift is something you have in your house that you want to get rid of, or it can be somethig inexpensive &/or funny.
We had a white elephant exchange last night - we drew #'s & whoever drew #1 got to go 1st to open a present that is in a pile under the tree. #2 can either open a new gift or steal the present from #1 - #3 can steal from #1 or #2 or open a new gift...so on & so forth. The person who gets their gift stolen can either open a new gift or steal from someone else. Last night we had everything in the exchange from a ratty old doll that looked like the Frischs' Big Boy, to bottles of wine, to a 12 pk of toilet paper, to mugs, to things you hang on a wall, to a basket with Santa glued to the bottom of it. Always interesting!
Christmas is not a time nor a season, but a state of mind. To cherish peace & goodwill, to be plenteous in mercy, is to have the real spirit of Christmas.