We got a wedding gift yesterday. It's a limoges vase. Not on registry. Probably not even made anymore. The woman told my mom that she had it lying around and thought I might like it but I could feel free to throw it away if I didn't. WHAT?!??! That's worse than regifting. Don't just wrap up old junk and pretend it's a gift.
That being said, I have a friend who wraps up random things in his apartment and hands them out as party favors when he has parties. It's actually pretty hilarious and I'm thinking of doing this too. (It's hilarious because he doesn't pretend he's doing anything other than giving away junk and the things tend to be really funny.)