Not sure if it's the same thing, we've never used the term "White Elephant" in ours.
The rules are pretty basic, and from what I understand, very common here in East Texas.
Everyone who wants in brings a gift. We have a ten dollar limit on it's value. We ask that you put down on the wrapping if it's a boy or girl type gift. Then the gifts are counted and we know how many numbers to write down. Everyone who brought a gift draws a number.
Number 1 goes first and picks their gift. Then number two and every else can either pick a gift from under the tree, or "steel" a give that's already been open. It's their choice. We have a limit that a gift can only be taken three times until it's safe. If your gift is taken by another, then you get to go pick another from the tree. After the last person has unwrapped the last gift, the person who drew number 1 gets the opportunity to steel a gift or keep the one they already have.
It's allot of fun and we usually have between 20 to 30 people who play. Kids are not included in it because they get gifts from family members who wont see them at Christmas. Some of the teenagers join in, but not always. It's up to them if they bring something or not.
The last two years, I've ended up with giant ceramic coffee mugs. Last year it was an Orange County Chopper mug, this year it was a Dallas Cowboys mug. Some gifts are home made, while others are gag gifts. The creativity of the gift is usually more fun then the actual gift. Some are given away when it's over anyway. We got a birdhouse this way when everybody left and one of the kids got a rubber chicken that was good for allot of laughs, but better off going home with little Kirsten then her Grandpa.
Another thing that we do is have a give away table. We have things that we don't want or use and instead of bringing them to Good Will, we set out on the table. Kids clothes, our clothes and other items that don't fit or we don't wear. Toys, electronics, appliances, and just about anything and everything goes onto the table. Others also bring stuff from their homes that are still in good order, but not wanted to the give away table.
The table has grown into many tables and areas outside the shop!!!
If you want it,take it. Allot of stuff ends up going to friends and family members who can use it. In two years, nothing is left over for us to through away or take to Good Will. This year, we had so much stuff that I was convinced we'd be stuck with it, but it all went to a home that wanted it.
Eddie