Norwegian Giftwrapping is an ancient Norwegian hunting tradition. It is the act of wrapping your scrotum over a persons mouth, and then putting your anal sphincter over his nose. You then complete the ritual by making an emission of intestinal gas from the anus.
1. "Hey Lars is sleeping, lets give him a Norwegian Giftwrapping!"
2. "I woke my mum with a Norwegian Giftwrapping the other day. She vomited all over the place, it was hysterical!"
The guilt that comes up (especially around Christmas, etc, but also between Birthdays) where one feels that they must buy someone a gift because that person bought THEM a gift.
This is often despite the person's insistence that "Oh, you don't need to get me anything :)", which usually just increases guilt.
James: Matt bought me a gift.
Calum: That's nice.
James: Yeah, except now I have total giftguilt because I haven't bought him ANYTHING. And I'm nearly out of money...