For as long as I've known my husband, my family has held an "underwear in the stocking" exchange. His family had done it for years, so he made it a tradition for our family. Last year, my 7-year-old managed to raise her eyebrow at us and said, "Really? Underwear?" After all, she still believes in Santa!
My parents also host a mystery exchange where all the adults bring one wrapped present and the next person can steal it or open a new one. A few years ago we all got the same idea and almost every package contained an alcoholic beverage. Those presents sure got "stolen" a lot! -- Trisha