This is something the kids wanted to do last year after watching the video Boz's WowieBOZowee Christmas. It was so much fun for our family, that we decided to make it an annual tradition.
On Christmas Eve morning, we pick names for a family gift exchange. The gifts are opened that evening. We have three rules for our gift exchange:
1. You have to make something special for the person whose name you draw
2. You can't sneak off to the store to purchase anything (this one doesn't pose a problem for our family, because our oldest child is only 5)
3. You have to keep your gift and the name of your recipient a secret until gifts are exchanged
We do this in one day because our kids are young and it's difficult for them to a keep secret for too long. Okay, it's difficult for me, too. :)
My kids thoroughly enjoyed this last year. My husband and I made sure we offered help to the little ones. They were bursting with excitement when it came time to exchange gifts. And, after working very hard to make a gift and to keep a secret all day long, they were much more interested in giving than receiving.