Choose a small present that you think would be popular with the kids and wrap it with different layers of gift wrap. Put on some music and encourage the kids to pass the present around. Have someone switch the music off intermittently.
Whenever the music stops, the child left holding the parcel unwraps the first layer of wrapping paper. The music is then put on again, and the parcel is passed from child to child. Each time the music stops, the child holding the parcel removes a layer of gift wrap until one of the children is tasked with removing the last layer. That child is declared the winner and gets to keep the gift!