Just a random thought for an event: A coral "white elephant" gift exchange. I was unable to attend the holiday frag swap so not sure how it was structured. My initial thoughts would be to run it like most white elephant exchanges.
Have some food and beverages. Everyone brings what would generally be considered a desirable frag. There is a numerical order to picking. The picking is blind (ie the coral is wrapped or covered by a box so you cannot see what you are getting). No one know what is available (it is a surprise to everyone but the person who brought the frag). The next person has a chance to "steal" the coral or unwrap a new one. Most exchanges limit the stealing to 2 or 3 times before the gift is frozen and can no longer be taken.
I suspect there are some out there that don't want to end up with some random frag, but I think there are others who would be happy with anything as long it is something most would want. I am not sure how the holiday event went or what the quality of frags were like, but probably similar guidelines for the frags.
G