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Here's a long-out-of-print budget compilation of holiday rap from the early days, put together in 1987. I haven't been able to grab one of these for myself, but given the number of folks who have tipped me to this, I figure it's worth a mention. Run DMC's "Christmas in Hollis" kicks this off, and there's also "Let the Jingle Bells Rock" by Sweet Tee, "Dana Dane Is Coming to Town" by Dana Dane, "Ghetto Santa" by Spyder D, "Christmas in the City" by King Sun-D Moet, "Chillin' With Santa" by Derek B., "He's Santa Claus" by Disco 4, "That's What I Want for Christmas" by Showboys and "A Surf M.C. New Year" by Surf MC's. Sometimes there's a used copy on Amazon.
UPDATE: Einar Hedman from Linköping, Sweden corrected the release date above, which means there might be a vinyl version of this out there somewhere too.