I've heard this game called many things over the years, but it basically works like this; each person gets one present. They wrap it up and put it on the table. Everyone goes in some order and picks one present off the table, or they can take a present that is "known" from somebody and that person picks another for the one they "lost".
My nephews were very involved in what their parents got. My brother Stephen got a giant box of chocolates and my nephew Mr. K was guarding it. I think his heart would have broken if someone had taken all that candy away.
I got the worst present last year, but I was happy with what I got this year.
Daisy was happy with her's as well. My brother Zach got the most unwanted present. It was like some kind of oven roaster. His wife didn't want it because they had no room for it.