My parents always re-gifted, so it wasn’t until I was an adult that I realized that some people look down upon the practice. Of course, it helps that my mother taught me the proper etiquette of re-gifting. I’ve seen various guidelines, and I think this list at About.com is a particularly good one. I do think the first tip is badly written, though – I don’t think the author is talking about a “gift card” in the sense of a gift certificate but rather in the sense of a card from the giver, like a birthday card.
One thing I do to make re-gifted gifts extra special is combine them into a set or basket to create a theme. Another thing I do is put a lot of thought into wrapping the items. Both of these techniques make the gift extra special.