I'd rather go for a Dirty Santa.
Except instead of physical "stealing," you can "steal" the item by dominating the person holding it. Once the item has changed hands, say, a total of 3 times, the last person holding it wins it.
'Course it's about stealing, too! At the Christmas parties for the company I used to work for, there was a gift exchange, but you could steal, too! Basically everyone brought a wrapped gift, put in in a pile, and everyone got a number. When your number was called, you went and opened a gift so everyone could see it. Then the next person could either open a new gift or steal one from someone else; basically the last person called could have any gift they wanted! So yeah, basically what Believer's talking about, 'cept for since it's online, you'd need to keep track as to who has the gift; modify your name or something.cause christmas is all about stealing each others presents.
that being said that does sound pretty cool.