A White Elephant Party is a Christmas swap party where guests all bring a random gift, draw numbers and then swap gifts. Rules vary for each party, but there are multiple rounds where gifts are traded until it reaches the first person again.
The easiest cop-out gifts for a White Elephant (or Yankee Swap), party are instant lottery tickets. They're cheap, thoughtless, and just a throwaway gift. If you're going to attend a White Elephant party, put a little effort into it. Plus, most of the time the tickets are losing ones.