I keep my Christmas gift list on my Palm also, so I always have it with me. If I have a gift idea, I enter it. When I buy the gift I put a b after it. When I wrap the gift, I put a w after it also. When I have bought and wrapped all of the gifts for the individual, I put a tilde in front of their name on the list. This helps me keep track of where I am in the process. An entry would look like this:
Kaitlyn - Picture Frame bw, CD b
indicating I have bought and wrapped the picture frame and bought but not yet wrapped the CD.
ETA...I've actually added a third letter, a g, to indicate that the gift was actually given. So the above entry now looks like this:
~Kaitlyn - Picture Frame bw, CD bw
This shows that this gift hasn't actually been given out yet but that my shopping for this person is done and the presents have been both bought and wrapped.
For me, gift shopping is a 4 step process. Think of something to buy, actually buy it, wrap it & then give it.