Imagine that you're being exiled to a desert island and can take only one item along. Think of items that have more personal than practical value. A book of matches or a warm jacket are probably more valuable than a stuffed animal, but the purpose of this exercise is to get to know your classmates, not to learn survival skills.
If you are having a hard time thinking of something, what about favorite books, or a favorite movie, etc.
Get into small groups (4-5) and think of ways to combine your items in an attempt to improve your chances of survival.