Our choir had this great idea one year, to have a post Christmas party, to which each person brought a gift they had been given which they thought truly awful. They were wrapped up in Christmas paper so you couldn't see what they were. Then we all swapped. I don't know if anybody got something THEY liked, but it was a real hoot, opening them up to see what they were.
I took along this really kitschy nativity scene that a "friend" of mine, a fellow Pagan, strangely enough, had given me, and in return I got a CD - probably the worst thing I have ever heard. I played it once, revelled in its awfulness, then never played it again.
Liz, I know what you mean about the llamas. I gave away a couple of goats on behalf of some friends who wanted all their wedding gifts to go to the TEAR organization. Apart from their being awfully cute, I could put them to work. I have some very fast growing grass here that I'm sure they'd love. They make excellent lawnmowers. Unfortunately they would also eat my vege garden, so maybe that's not such a good idea.