Oooh! We call it White Elephant, too.
We usually buy 1 item and re-gift 1. Some of the re-gift items are baaaad & funny which makes the game get pretty heated with the swapping and couples teaming up to get the best gifts.
I miss playing that game, I used to play it every year with our Bible Study small group.
Some gifts people fought over... anything that costs more than the limit. Buy something worth $35 and your gift will be the hot item.
One time there was a set of new tools (screwdrivers, I think) and the guys fought over that. Hmmm... anything in a Crate & Barrel box. They have nice platters & ornaments that go over well in gift exchanges. The popular gift exchange item at the women's Christmas party my mom attended was scarves... nice luxurious ones in lots of colors.