Phuckles - Considering that I've never heard of it, I don't think so. Mind you, I've never worked in an office environment so I have no idea.
IDOHARM - What's this white elephant you speak of?
Do they not do white elephant gift exchanges in America's hat?
Allow Wikipedia to teach you everything you will ever need to know about Merica:
In its most basic form, the game is as follows: each participant supplies one wrapped gift. The gifts are placed in a central location, and participants determine in what order they will take turns selecting them. The first person opens a wrapped gift and the turn ends. On subsequent turns, each person can open a new present or gets the choice to "steal" another person's unwrapped gift. When a person's gift is stolen, that person chooses another wrapped gift to open. The game is over when the last person has taken their turn (but see variations below).
Gifts are typically inexpensive, humorous items or used items from home. The term white elephant refers to a gift whose maintenance costs exceed its usefulness. While the first use of this term remains a matter of contention among historians, one theory suggests that Ezra Cornell brought the term into the popular lexicon through his frequent social gatherings as early as 1828.