It varies around here. There are a lot of huge parties thrown in honor of the graduate and the attendees are usually the graduate's classmates, friends and some family.
Again, it is a personal thing.
We do not have family around and our daughter graduates in May of 2013. We do not plan on a huge party but I am sure she will be in attendance of a few.
Our daughter likes CASH. She's getting cash for Christmas, cash for her birthday 12/27 and will get cash for graduation. The amount varies on what you can afford. She is getting $250 for Christmas and $250 for birthday. Her graduation will more than likely be around $500. All come with a few small surprise gifts. She loves to shop, buy her own clothes and she always socks away for savings.
We will do a family thing with a couple or few of her closest friends for graduation and birthday.
Just go with what your family feels comfortable with and what your new graduate wants to do! Congratulations!!
PS: I agree with others regarding a good laptop to get him through college if he has college plans!