Dress up as Abraham Lincoln or George Washington—the two men the holiday was created for. Have a bunch of fun making a white wig out of cotton balls and cheesecloth, or make a stove pipe hat out of construction paper.
Play White House. Put roles, such as president, vice president, and White House spokesperson all on slips of paper and draw them out randomly. Each person has to act out his or her assigned role for a time period, then switch with someone else.