My sister inspired me a few years ago to give up wrapping paper. I was an easy sell since I hate those big piles of spent wrapping paper that you can't even recycle (or burn!) And since I love to sew, I have lots and lots of fabric. (OK, too much fabric, I confess freely.) So instead of paper, I wrap things up with scraps of cloth. Or sometimes big, huge, folded-over pieces of cloth that I can't bear to cut :) After the presents are open, I gather up my fabric and squirrel it back to my stash.
I was just at Joann's Fabric and they were having a clearance sale on their Christmas-oriented cloth... so I got a bit more variety and seasonality in my wrapping cloth supplies. They also had some lovely, extemely cheap, fabric ribbon. I'm ready. Now if I could just finish my sewing projects.