A party where people (usually family, friends, or a combo of the two) get together and have a game where you unwrap, steal, and trade off presents never actually useful in real life. I mean, my family W.E. party got me a laser tape measure!
"What's up! How did the White Elephant party go?"
"I got a laser thingy!"
"Ooh! That sucks."
"Are you kidding?! That thing is awesome! You push the button and a little red dot comes out!"