if you mean boxed, give away the key, if you mean digital gift to you, they simply will not be able to - tell them the account of your friend to send it to instead
If you had some halflife games on steam, and then buy the orange box, then duplicate games could be given away to other people, so perhaps if you get a 2nd l4d then because its a duplicate of something you already own it will let you give that away as a gift. I'm not 100% sure though, as its not exactly the same situation.
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