My wife used to work for a mortgage company and the owners always threw really good Christmas parties. We always had a white elephant gift exchange too. The first year one the gifts was a "santa pants bowl"...picture santa's boots and pants with a belt, standing straight up, with no santa in them.
The santa pants went around for several years and became quite a thing. One year I decided I wanted them so I took them from another person that didn't want them in exchange for my gift pick.
So now, I put out the sant pants bowl, fill it with mixed nuts, and urge my guests to reach into santa's pants and grab his nuts. Always worth a laugh :)