Host an ornament-making party. Invite friends over and tell them not to bring gifts, but to be prepared to make one. Fill bowls with beads, ribbons, notions, cut-out cardboard shapes (like stars and hearts), colored wire, glue guns and glue sticks, glitter and buttons. Ask your guests to make an ornament, using the materials you supplied. Gift-wrap the completed ornaments in white tissue paper and tie with a colorful ribbon.
Pass around the ornaments among all the guests in a game of hot potato. You can sing Christmas carols while playing. When the song is over, stop passing the packages. Each person will be holding a gift made by someone else at the party. Your guests can take the gift home as a party favor to hang on their tree (or somewhere special), as a reminder of the time spent with family and friends.