Everyone comes to the party, and they each bring one gift. This gift should be in expensive,and of the "gag" variety. Basicly something that's cool, but you wouldn't actually want in your home.
When the gift exchange portion of the party arrives, you put as many slips of paper as there are people, each with a number. Everyone draws a paper. The numbers are the order the exchange goes in. Going last is usually best, as you will soon see.
When you turn comes up, you can either pick an unopened gift, or "steal" someone elses gift.
If you go first, there are no gifts already opened, so you just pick a gift and open it.
If someone just stole a gift from you, you get another turn right away. You may not steal a gift back from the person that stole it from you. But, if someone else steals it from thr original theif, then you can steal it from the second thief.
A gift may only be stolen twice, so if you are the second person to steal a particular gift, no one may take it from you.
Eventualy the games ends, and everyone has a cheesey gift.
I originally got a nice pair of leather bondage cuffs, but they were stolen. I actually would have enjoyed them, but I couldn't steal them back. I ended up with the game Unexploded Cow, which looks like a lot of fun, so I still came out pretty well.