With us weirdos in the creative field, "team building" is kind of a dirty word (or phrase?).
Like "networking"... it just sounds gross. Like meeting you is merely the first step taken toward getting what I want from you. "Team building" sounds like corporate jargon for required inter-office bonding.
Regardless of how I feel about the phrase, we do this at each morning meeting - and I actually love it. One person on the team gets a turn in the rotation every week to host the "team building" activity. It can be anything from a game, a question, a topic of discussion or even an affirmation fest where we just say nice things about each other for 15 minutes. We have a bunch of cool people in this office, so there's no telling what kind of weirdness is coming to the table each Thursday.
Still, calling it "team building" always makes me feel icky. We do well enough "bonding" on our own, so those 15 (30-45) minutes are really just a company-provided opportunity to enjoy each other's company.
So I've taken the liberty of coming up with a few titles of my own that are either more suited to the actual goings on, or more up front about the general business purposes of these kinds of activities.
For your enjoyment, I will present each option next to a picture of a team member drawn by another team member (a team building activity I recently forced on these lovely people). We will all vote during happy hour today, and I fully expect the winning term, henceforth, to be utilized exclusively when referring to "team building" activities.