So its probably too late to be sharing this idea with everyone since Christmas is nearly here (JOY!)... but I went to my parents' house this past weekend and saw the awesome presents my sister had wrapped in magazine pages. She even made little cut-out snowflakes from magazine paper! I have done it before to save on paper as well, but haven't ever thought about ditching Christmas wrap all together in favor of a more green option.
If I had a camera at the moment (the Houghton's is broken) I would have taken a picture and posted it, but I'll settle for some I found online.
This one is an envelope made out of magazine paper from Cut out and Keep
A christmas present!