I found the perfect white elephant gift in a thrift shop back in the summer. At least, I thought it was pretty cool. It's a white ceramic jar with a picture of a pig on it that says "FAT CAN". I thought it was hilariously embarrassing - a can for your bacon fat that's not even a can.
So at our gift exchange, I was amazed to see that a couple of my friends actually stole to get that thing twice! It turns out that they are both avid cooks and it was somehow desirable to people who save their fat. Who knew? I thought it was completely outdated.
I walked away with a Tic-Tac-Toe drinking game, so it was a fair exchange.