Not as far as I'm aware, not once the points are activated. If there is a way of doing it, it must be some sort of devious trick 'cause I've never heard of it. I guess you could give the person you want to gift them to your account details and they could log in as you, spend the points and log out. Maybe that might work. Never tried it on Live, I know you can do it with PSN stuff.
If that doesn't work, just get Super Meat Boy. It's awesome.