"Racing For Christmas" Float

Hmmm... Maybe have the boys in red and white (santa type :p) sweat suits or at least somewhat co-ordinating colors and little sweat bands on their foreheads...
I'd probably use some big wrapping paper rolls and sorta do a quick paper-mache job over them to make them look like a candy cane, paint it with red and white stripes and hang a little card board sign off it that says "Finish Line" or something like that. You could dress up like an elf or reindeer or something with a whistle and be the "judge" ...