Making ornaments are fun. Last year, the youth girls at my church got together and had a very girly christmas party (one of many)- we ate lots of chocolate (chocolate chip cookies, hot chocolate etc), and we decorated ornaments.
Many people chose someone they wanted to make a special gift for, and they wrote on a round see through glass ornament with a thin red/green/gold/silver pernament marker. Those came out really nice and made great pressents.
Then, there's the collection of elementry school ornaments... those are cute, it's like memory lane, even though it looks messy. If you have kids, you can get away with things like the candy cane raindear and give them away intead of buying gifts.