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The Yankee Swap is when, at christmas, you take the someone else present giving him/her yours
you can find an example of it in tv series "The Office" (us) season 2, episode 10
in this episode, when the party gets worse:
Michael: I got it! We are going to turn Secret Santa into Yankee Swap.
Jim: What is Yankee Swap?
Michael: One person chooses a gift. The next person can either choose a gift or steal that person's gift. If your gift gets stolen, then you can steal somebody else's gift or choose a new gift.
Jim: I thought that was called Nasty Christmas.
Pam: Yeah, we call it White Elephant.
Michael: Well, I call it fun!
Oscar: Why are we doing this?
Michael: Because it's better. Because it's more special.
Angela: It sounds mean.
Michael: Shut it. No, it's not. Okay, just give it a shot.
Michael: Okay, Meredith is up first. Here's the deal. You can either pick a new gift or you can steal somebody else's gift that they've already gotten, like the oven mitt.
Meredith: I'll take the teapot.
Jim: Oh, shouldn't we ... I bought that specifically for Pam.
Michael: Yankee Swap! That's what makes it fun. Pam, you can steal the oven mitt now.
Pam: I'll take the iPod.
Ryan: And I have to give it to her? I don't have a choice?
Dwight: Yes, now you can steal the oven mitt, the old shirt or the shower radio or pick a new gift.
Stanley: (after Ryan opens a new gift - a nameplate saying 'Kelly') That was meant for Kelly.
Ryan: Yeah, I figured.
Michael: I think this is going great.
Michael: Everyone wants the iPod. It's a huge hit. It is almost a Christmas miracle.
Dwight: Yankee Swap is like Machiavelli meets ... Christmas.
It is a sexual act between two guys when one homie is sucking the other homie's dick, and then they swap where the guy that just received head is now sucking the other homie's balls.
Friend 1: "Bro you down for some Yankee Swap tonight?"
Friend 2: "Yea but only if I get to go first"
When your Xbox 360 (or similar product) breaks and you go to the store and buy a new one, returning the old, broken one in its place for a full reimbursement.
Remember to switch the serial number sticker and pay with cash. Works well at department stores such as: Wal-Mart, Target, and K-Mart.
Yesterday my Xbox 360 red ringed so I Yankee Swapped at Wal-Mart.
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When a group of males steal a females phone and take anonomous pictures of their penises, afterwhich they tell said female's boyfriend that they found a bunch of cocks on her phone.
I was at this christmas party where they had a yankee swap.
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Slang: A term used to describe the act of oral sex being performed between two partners simultaneously. Synonymous with 69.
“I had an embarrassing experience. I came home early and caught my parents in the middle of a yankee swap. There was jizz everywhere.”
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the ultimate game-changer - calling Yankee Swap at any point during any game (chess, Settlers of Catan, etc.) allows for an abandonment of the previous rules and the reign of a new order.
Player 1: "Hey man, you can't just trade in one of your pawns for a queen and a rook!"
Player 2: "Whatever man, it's Yankee Swap."
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