Joey: How you doin'?
Chandler: If I were a guy, and...did I just say IF I were a guy?
Rachel Green: Oh my God, I'm Kip.
Joey Tribianni: You're not Kip.
Rachel Green: Do you even know who Kip is?
Joey Tribianni: Who cares? You're Rachel. Who's Kip?
Chandler Bing: Kip was my old roommate.
Joey Tribianni: Oh, THAT poor bastard.
Answer: Usually by the seventh night of Hanukkah you don't know what to get the other person, and you will probably resort to getting the other person something insignificant. Chandler is basically saying that the pen is a stupid gift.