Top Definition
When your Xbox 360 (or similar product) breaks and you go to the store and buy a new one, returning the old, broken one in its place for a full reimbursement.

Remember to switch the serial number sticker and pay with cash. Works well at department stores such as: Wal-Mart, Target, and K-Mart.
Yesterday my Xbox 360 red ringed so I Yankee Swapped at Wal-Mart.
by Steve Horbachuk July 10, 2008
3 more definitions
When a group of males steal a females phone and take anonomous pictures of their penises, afterwhich they tell said female's boyfriend that they found a bunch of cocks on her phone.
I was at this christmas party where they had a yankee swap.
by Heenryy December 23, 2009
the ultimate game-changer - calling Yankee Swap at any point during any game (chess, Settlers of Catan, etc.) allows for an abandonment of the previous rules and the reign of a new order.
Player 1: "Hey man, you can't just trade in one of your pawns for a queen and a rook!"
Player 2: "Whatever man, it's Yankee Swap."
by American Periscope April 25, 2013
The Yankee Swap is when, at christmas, you take the someone else present giving him/her yours

you can find an example of it in tv series "The Office" (us) season 2, episode 10
in this episode, when the party gets worse:

Michael: I got it! We are going to turn Secret Santa into Yankee Swap.
Jim: What is Yankee Swap?
Michael: One person chooses a gift. The next person can either choose a gift or steal that person's gift. If your gift gets stolen, then you can steal somebody else's gift or choose a new gift.
Jim: I thought that was called Nasty Christmas.
Pam: Yeah, we call it White Elephant.
Michael: Well, I call it fun!
Oscar: Why are we doing this?
Michael: Because it's better. Because it's more special.
Angela: It sounds mean.
Michael: Shut it. No, it's not. Okay, just give it a shot.

Michael: Okay, Meredith is up first. Here's the deal. You can either pick a new gift or you can steal somebody else's gift that they've already gotten, like the oven mitt.
Meredith: I'll take the teapot.
Jim: Oh, shouldn't we ... I bought that specifically for Pam.
Michael: Yankee Swap! That's what makes it fun. Pam, you can steal the oven mitt now.
Pam: I'll take the iPod.
Ryan: And I have to give it to her? I don't have a choice?
Dwight: Yes, now you can steal the oven mitt, the old shirt or the shower radio or pick a new gift.
Stanley: (after Ryan opens a new gift - a nameplate saying 'Kelly') That was meant for Kelly.
Ryan: Yeah, I figured.
Michael: I think this is going great.

Michael: Everyone wants the iPod. It's a huge hit. It is almost a Christmas miracle.

Dwight: Yankee Swap is like Machiavelli meets ... Christmas.
by peptheyep July 12, 2015

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