I can't wait for the holidays to be over because I'm going to have a book exchange party.
The details are up to you. Eat first, then go through books, go through books first. Draw names and have each person go through books one at a time, or have everyone go at it at once.

Read 'Em and Eat Party

Invite several friends over. Ask everyone to bring a dish and 3-5 books to give away. Inside each book, ask each guest to write their name, number and a brief review of the book. Have each person pick out several books to take home. Call the original owner and tell them what you thought of the book.
Meet again in a few months and do it all again.

Donate any left overs to a nursing home or domestic violence shelter(after you've read them of course).

Some suggestions:
Keep the books and the food separate, someone is bound to spill something.
Have a few extra books on hand for guests that brought 3 books, but want to take home 5.
Don't restrict the type of books beyond "no children's books"
Encourage people to step outside their comfort zone and try a biography if they normally read cozy mysteries
Have a children's exchange at the same time for the kids
Or keep the kids busy with literary crafts, like making bookmarks or flip-books
Get creative and have themed exchanges. Ask guests to bring books by foreign authors and ethnic foods, or books with girlfriends and have an ice cream party
Have fun sharing and talking about books!