scandalously repackaging and claiming to have purchased on your own a previously received hideous piece of crapola and giving it to someone else as if you had actually been thinking about what they would enjoy.
Your mother buys you some crappy made in china plastic wal mart creation. You unwrap it, take off any identifying tags, place it in a box from Saks fifth avenue, and "regift" it to someone else.
what you do with all gifts from grandma, or other people who are addicted to giving needless, redundant gifts: wrap it back up and give it to someone else.
Sallie: "I think I have enough potholders, pajamas, dishtowels, socks, coffee mugs, sweaters, and pocket knives to last me a lifetime"
regifting is when you receive a rubbish, thoughtless present from someone, so instead of using it, or throwing it away, you save it until next year, wrap it up and give it to the same person who gave it to you.
When a cheap person regifts something and the reciever unwraps it to discover it is blatantly secondhand.
My friend regifted my DD an Easter egg sticky-taped to a dirty coffee mug, which had coffee residue and spoon marks in the base of the mug. Regift fail.
Brother: Man this gift sucks. (What the heck is it? I'll just give it to my sister.) Here you can have it.
Sister: Aww thanks brother! I always wanted one of these!
Brother: (Hey she actually likes it, maybe its useful) Actually wait, can i de-regift you? Erm degift you?