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To take back something that was given to someone else.
"If he can re-gift, why can't you de-gift?"
De-gift by Elmer January 19, 2005
Related Words

Monthly Gift 

The monthly period. Menses. The red gift box delivered to women every month by Mother Nature.
Mother Nature delivered my monthly gift last night.
Monthly Gift by shellbell2234 March 11, 2009

shoot the gift

To apply the gift of gab, performing lyrical miracles, or (somewhat less commonly) talking people into doing what one wants. Occasionally both at once.
When I meet a bitch, I bust that Jedi Mind Trick, and I shoot the gift till dat ass hits my fist.

Parting Gift 

A final tangible reminder of a person for a period of time, delivered to the person leaving (or being left behind) by the first.
"With a huff, she left the room, tipping over the banana tree plant, spilling all of the wet coffee inside all over the floor, a final parting gift for her former girlfriend Stacy."

Look a gift horse in the mouth 

It's Roman slang: "Noli equi dentes inspicere donati". For example, you can find it in St. Jerome's Commentary on the Epistle to the Ephesians, written in the 5th century.

You look in a horse's mouth to determine its age and/or health. So if someone gives you a horse, and you look in it's mouth, it's like looking for a price tag. It's rude!
Lucius: I bought you this tunic in Thebes for your birthday.
Quintus: Thanks dude. Hey, look, the seam has really cheap thread.
Lucius: Noli equi dentes inspicere donati.
Quintus: Wha?
Lucius: It's Latin. Don't look a gift horse in the mouth.
Quintus. Oh yah, right. Mea culpa.

Trojan Indian Gift 

The act of giving a condom to your friend as a gift and then using the same condom to have sex with his or her roommate the same night.

The condom can also be substituted with alcohol or any other tangible item but must be used without the person the gift was bought for and used the same night the gift was given.
Girl 1: Happy birthday! (hands Boy 1 a condom)
Boy 1: Haha. Thanks. Always need these right.

4 hours later

Boy 1: Hey Roommate 1. Have you seen that condom Girl 1 gave me tonight?
Roommate 1: Oh, you mean the one you got for your birthday?
Boy 1: Yeah
Roommate 1: Oh...(rubbing back of head)...yeah...I definitely used that tonight when I was having sex with Girl 1.
Boy 1: (Blank stare) Talk about a Trojan Indian Gift.