A holiday tradition that is fun for all is the white elephant gift exchange. This tradition is popular for office parties and for large groups of people that are not able to purchase large quantities of gifts. It sets gift giving on its ear and turns it into a fun filled guess and grab event. White elephant parties have been known to result in playful rivalries between players trying to get sought-after items. The goal of a white elephant party is usually to entertain rather than gain. Here are the rules to create your own white elephant party.