Personally, I can't stand White Elephant holiday parties.
You might know this gift exchange better as "Yankee Swap" or maybe even "Dirty Santa", but the premise is usually always the same: everyone brings a wrapped gift, and one by one each member of the party picks a random present to open. They can either keep that gift, or steal a gift from someone else, but they're only allowed to steal once.
And here's the catch: people can just as easily steal your gift too, so even if you think you've ended up with a good one, someone can come along and, in true Grinchy fashion, steal it right out of your hands.