Upcycle them into these pretty photo matts.
Image source: http://www.chatelaine.com
I love this project from Chatelaine. Really easy, and lots of impact. My favourite kind of project. You can find the details here
It doesn't have to be just Christmas paper, use any paper at all. Metallic paper for black and white wedding photos, birthday paper, floral, graphic. I can think of some many iterations.
Lovely idea for an inexpensive gift, for Christmas or anytime!