Here's the details:
If you participate in Secret Santa (open to everyone worldwide), you agree to send a Flyertalker a gift valued at no higher than US$25. And if you're sending, this means you can receive!
The administrator of the list will coordinate who sends what to who.
Ok, so lets say you get XXX. How do you know what to send this person? In an ideal world, you'd do a 'search' on the various forums looking for threads written by your giftee. Sometimes there are clues, sometimes not.
I fly United. My Secret Santa sent me a UA upgrade. Or maybe you like chocolate, and your Secret Santa (who mail hail from Europe)

will send you a box of the 'good stuff'.
Of course you can blatantly make a general request...
One caveat... your Secret Santa has a right to remain secret. Also, sometimes the mail is slow (especially from off-shore).