I would suggest making it like a scavenger hunt by wrapping a box with a note of someplace to look and put it under the tree. When they open that box have that box send them to another wrapped box with another clue. Send them to a few presents before the get to the actual present.
One of the more famous suggestions that I've heard, is to take a picture of it, and wrap the picture. Or, you can attach a string to it, run the string through the house, and into a box, then when the box is opened, the recipient has to follow the string. You could also, without wrapping the string, wrap a clue to where the string begins and follow it from there.
Depending on how large the gift is, you could use one (or a few) cheap Christmas patterned vinyl table-cloths (they're usually around $2 each at dollar stores). Or maybe a large festive coloured bedsheet (red?) and fasten with a huge bow. Large plastic dropsheets (from paint/hardwares stores) are also cheap and might offer some protection from the weather, you could use these below a sheet/wrapping. Good luck!
I gave a piano once. I bought some inexpensive fabric and wrapped it around the piano and tied it with a huge bow. Once the gift was open, I had the fabric to use to make a seasonal tablecloth.
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