I'm fortunate to have reached a point where I rarely am given lousy wines. Occasionally a vendor will give me a bottle that I wouldn't even cook with, but people who know me either just don't give me wine at all, or give me thoughtfully selected bottles regardless of price. Cheap
really doesn't have anything to do with whether I drink or serve a wine, but lousy does.
So.... lousy wines experience one of two possible fates in my home. Some are kept for cooking, although I usually like to pick my cooking wines unless I find myself in need of a spash on short notice. The rest are gifted to my daughters for when they're hosting larger social events where the quality of the wine isn't an issue. These re-gifts come with the proviso that they don't tell their wine loving friends that they came from me. I do have a minor reputation to uphold with these folk