The best replacement for ho ho is ding dong.

The best alternatives to ho ho are rated as following:
★★★★★  ding dong
★★★★★  lugia
★★★★★  yodel
★★  swiss cake roll
★  swiss roll
★  swiss rolls

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Speaking about ho ho, one probably shouldn't forget about bottle of rum.

Other search terms related to ho ho and their ratings are:
★★★★★ bottle of rum
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ho ho
ding dong
lugia