My office had a holiday party the other day, and we did this. We called it "Cutthroat Santa"
We had a $15-20 spending range, so the gifts were fairly nice (for the most part!) I put in a gift card to Barnes & Noble and walked away with a gift card to FYE (nice
).
My boss was thrilled because he had a high number. He stole a nice gift from someone. It was stolen from him in turn, and he wound up with a fruitcake!
The way we did it, if your gift got stolen you had to take a gift from the table. I've also played a variant where if your gift is stolen, you can steal someone else's gift (but you can't steal back the gift that was taken from you), but once a gift has been stolen 3 times it stays with whoever last stole it.