Every year, the staff at Top of the World has a gift exchange. It's the kind of thing where you get a gift ($20 is the monetary limit), wrap it up and put it under the tree. Then when it's gift time, we do a "chinese gift exchange" (forgive me if this is racist, I know of no other term for it).
Basically we pick numbers, and open gifts in that order. If you don't like your gift, you are able to trade it with someone who went before you. It's tricky to explain, but you probably get the gist of it.
I've handmade gifts a couple of times and they've always been a big hit. One time I made large alligator mittens and people were literally fighting over them. It made me feel pretty good.