v. To give something as a gift which the giver previously received as a gift; to give to a person something previously received as a gift.
n. A gift which has been given to a second or subsequent recipient.
Word Usage
"Well, Christmas is over, but the Rockettes are still doing their crotch-flashing kicks, and the English will persist in celebrating Boxing Day, that holiday when they "regift" things, drink all your booze and try to borrow money …."