I have somehow accumalated over 400 gifts to give to friends. Question how do i discover 1) what these gifts are and 2) how do i distribute these gifts. 

Cant belive that your gang has not told you how to use these, might be time to join a real gang that teaches there members. 

1. You cant tell what is inside the gift only the player opening it will see that.

2. Sending gifts - you need to click on a player and click on the hand shake icon - that player will now be in your buddies list, and you can then send that player a gift every 24hrs.