The idea is good. However, not unique (yet :)). I am sure you know http://www.giftsproject.com. It will come down to "ease of use". Maybe try to integrate it with the social networks through an easy to use app (within that social network instead of adding more to the already crowded profile wall's etc...). If you wanna hit a home run maybe try to figure out how the gifts will be selected: http://ycombinator.com/rfs2.html. Its not easy but if you find an elegant solution I believe you will be off to a good start!