I confess, I regift. White elephant gift exchanges are perfect for regifting--I mean, they'll never know I'm the one who put the smores maker in the pile, now will they?! teehee
My Mom saved Christmas bows from year to year. I save tissue paper. Our big yellow cat Dewey chews up the gift boxes, so in a way they are recycled as cat toys!
Speaking of cats, this year I'm regifting my mismatched socks as catnip toys to the local no-kill animal shelter. Check out the super-easy instructions: http://ohappysock.blogspot.com/
I'm also recycling my old blankets, scrap flannel and fleece as pet beds for the shelter. Check out the Snuggles project: http://www.snugglesproject.org/
What do you regift?