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We do a version of that game, but call it "Cheezy Gifts." Everyone buys the goofiest thing they can for under $5 (the receipt is kept to prove it was sufficiently cheap). Then it plays out like your game, only at the end all the cheesy gifts are set out on a table so the people can vote on the cheesiest. Whoever bought the gift that was voted cheesiest wins a package of different cheeses. It's so funny watching the silly gifts being unwrapped. You wouldn't believe the absurd things people have found for this game.