Naresh just gave me an idea for a product. How about a gift bag made out of rubber? It would be thin like a ballon and would be preprinted with appropriate decorations. The bag could be stretched over a gift of vitually any size or shape. The bag would be much larger than a typical party balloon to start with, so stretching it over a large object wouldn't be too hard. After put it over the gift, you could just tie the end shut the same way you close a balloon. I know it lacks the charm of tradition, but it would be great for dealing with those odd shaped gifts that seem impossible to wrap.
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It might be difficult to get on odd shaped gifts with sharp corners. Perhaps if you rolled it on like a condom it would work. But, there might be another possibility. If it was shaped like an animal or some celebratory shape and slightly inflated after it was pulled on it might have some appeal.