All donations from the drive go towards sick kids in children's hospitals. Tycho has also expressed interest in expanding their support of H.O.P.E., the Hospital-based Online Pediatric Environment. Now is the time for everyone to give to charity.
If you're the kind of person who wants something back, you can purchase a Child's Play t-shirt and all proceeds go towards the charity.
Penny Arcade launches third annual Child's Play charity
Childs Play 2 has been officially launched
[Update 1: As one commenter pointed out, Tycho and Gabe dissuade people from giving away old toys & games due to health risks. Took out that suggestion.]