While I was still in college, my chapter did a draw a name and then you bought for that sister (and one of the members of the chapter dressed up as Santa) and you would "sit" on Santa's lap as you opened your gift, then try to guess who had your name. We also (the first Christmas as an active) decorated an ornament to hang on the tree, and all the ornaments would go on the tree, even those members who had graduated already.
This year, as an advisor, I went to Eta Sigma's chapter party. They drew names as well, and then bought an ornament and added the sister's name/decorated it for the tree and then exchanged the gift (I think it was a $10 maximum). It was a lot of fun!
The San Diego AA does a white elephant gift exchange, where there are TWO "Things" that come back every year and are passed around - it's a lot of fun to see who will get THE Thing and who gets the other thing
