kraft + red I've done this two Christmases so far. Christmas 2012 was kraft paper with red/white polka dot paper wrapping. Christmas 2009 or 2010 was kraft paper with red/white polka dots and vintage dictionary pages.
Wrap gifts using all but brown paper in eight simple ways
Initial wrapping & Kraft paper: wrapped a few of my presents like this this Christmas. If there was more then one person with the same initial I made the letter into a tag rather then glue it on to decrease confusion