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2.
Crack Cocaine of low quality.

Not so bad that you wouldn't wish it on anyone, yet not good enough for your own upturned nose.
Biff: Preston, that loser from down the hall was back again tonight... he wanted to light up so I gave him some of your Gift Crack. Hope you don't mind.

Preston: No problem, Biff... that's what it's there for!
by SuburbanCowboy December 25, 2009
 
1.
The gap in wrapping paper or uncovered portion of a gift usually found on the bottom of the box. May result from the gift wrapper running out of paper or cutting gift wrap too small to cover the entire package.
Bryan figured out what his present was because the gift crack exposed the picture on the box.
by gmoney63 December 21, 2008
 
3.
Gift giver of the female sex who knowingly furnishes presents that are insubstantial, cheap, and/or offensive.
Connie was a real gift crack this year. Not only did she recycle the ugly scarf she got last year, but it was worn!
by Ms. Fina December 24, 2009