We did White Elephant gifts for my school's faculty Christmas party and it was loads of fun. First, you might want to clarify details with the host. Ours were joke gifts, and silly items from around the house, not purchased. We did that thing where people can "steal" someone else's gift. One woman gave a breast pump. Others would give some awful looking item of clothing. If you have an item that you purchased on a whim and it turns out to be useless or a piece of junk, you can give that. Some of the best gifts are the ones that are things you are embarrassed that you bought.
I had once bought a biography of Clint Eastwood titled "Clint Eastwood, Sexual Cowboy". It was an awful book. I gave that as my white elephant gift, and it got a big laugh. Then the next year the teacher I gave it to rewrapped it and passed it off to another victim. The next person doctored it up. She took those school pictures that included small pictures of teachers, cut out the teachers' heads and pasted them over the heads of women in some of the photos in the book so that it looked like teachers were in the pictures with Clint.