Each Christmas, Gilbert hosts a dream come true event to entertain underprivileged DC area youths. Past events included a day at the movies, Wizards versus Lakers basketball game and a skate party and in true holiday spirit; there are also gifts to go around for everyone like Spalding Never Flat basketballs, Topps trading cards, and Adidas accessories.

Gilbert Arenas’ Zero Two Hero Foundation hosted 200 youths aged 8-16 years old from Hannah House, a transitional facility for homeless women and children. The Christmas Dream event was the last day of Wizards Care's 12 Days of Holiday Cheer program. On Saturday December 20, 2008 the ESPN Zone in Washington D.C. made many of the kids' Christmas dreams come true. Zero Two Hero Foundation guests received complimentary game cards to throw touchdowns in an NFL Countdown, take their best shot on an NHL Hockey rink, and shoot hoops on an NBA court.

There were also dozens of interactive video simulation games, food and candy. Gilbert’s Madame Tussaud wax figure was on hand; one of only four creations inspired by NBA athletes within the entire collection: Michael Jordan (Chicago location) , Shaquille O’Neal (Los Angeles location), and soon Yao Ming in China. The Washington Wizards Community Relations department also made a huge assist in coordinating the event and Gilbert’s marketing partners at adidas, Spalding and Vitaminwater generously provided gifts to all the honored guests.