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Offer to cook, clean, launder, watch the babies while the parents have to run out to get something. Basically offer to do all the things that the parents don't have time for anymore, or that they sacrifice sleep to do. Having twins is not twice as hard, it's more like 4X as hard. You could also bring supper over.
When the sleep schedule is established, offer to sit with them during their naps so parents can have some time off/out. If you want some play time with them, say so, and I'm sure the parents will be happy to stay out past the normal wake-up time for you.
If you're around a lot and get involved in the babies day-to-day care, that's worth more than any physical or monetary gift.
If you can't be around or spare time, then you can offer to pay for the cribs, diapers, formula (if any), car seats, strollers, changing equipment, etc. The parents will want to pick these things out, but you can be a wallet if you want.
If you don't want to spend a lot, a soft and safe (made with organic/safe/non-dye/etc.) might become your grandkids' lovies, or they might just end up on the shelf. You never know.
We got them two sturdy high chairs and two years later my daughter is still thanking us.
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