I am hoping to host Christmas this year also. Typically, it is either my MIL or SIL that does this, and having such a young child in tow, it makes it easier to have it on your own 'turf' in my opinion, so I am truly excited.
I am all for getting the decorating and getting the festivities together. We also very much enjoy taking a Family picture in front of our Christmas tree! ;)
Some 'projects':
unique "placeholders" that you can craft for the occasion. Maybe one that each can take home as an additional gift?
A creative stocking: can be a small stocking, and filled with fun toys, candy, handmade item or a gift card~
Instead of a stocking, you can paint an ornament (gypsum or glass - pick up at Michaels or JoAnn's) to give to everyone or put at everyone's place-setting. (Make sure the year is on there, so they recall it!)
At dinner, you could have everyone share their most priceless and loving holiday memory (if the 7yr old still believes, make it about Santa even!)
We also watch 'A Christmas Story' (as it is usually on 24 hours that day but we Love it!) and The Grinch as a family while exchanging our gifts.
Hope this helps? I am the type that loves to craft, so hopefully this doesn't overwhelm you (I have a few friends that would want to yell at me if I suggested they paint! LOL~)
I wish you the most memorable Holiday event you could possibly have! ;)