Well, I was being figurative there, we actually do use a nerfball but I'm pretty sure it's universally despised. What usually happens is someone is done speaking, holds the ball up and looks around for a taker. No one ever really says, "Me next!" so it's thrown to a random person. At least one or two people will drop it per stand-up and someone else will always go, "Nice one, butterfingers!" and there's the awkward, uncomfortable laugh.
I observed this practice for a couple weeks and came to an average of 2.8 seconds per ball movement. Times that by 29 (amount of passes) and you get 81.2 seconds per day we spend tossing that ball around. At an average salary of about $65K amongst the group, the company spends $42.29 per day on passing a ball around; that's just under a $11,000 a year!
But I digress...