Is it a Visa Gift card that you could spend virtually anywhere? Or something more specific like a Walmart or Amazon gift card?
Where you can use the card would determine what I would buy with it..
If it is a Walmart gift card, I would run over to the store and pick up a Kershaw Chill or even a Buck of some kind. You can also order many things on their website and have them shipped free to your local store, which is a nice option to have. And yeah, you can use a gift card on their website.
If it's a Visa Gift Card, I would look around for something inexpensive, yet still nice like a Victorinox SAK, CRKT Drifter, or Ka-Bar Dozier from one of the many online knife shops..
One of those knife stores has a free shipping code right now if you use a certain uhhmm, Dudes username. Just sayin'.