This one has 3 episodes, with the first being the classic early 80's Xmas Special, A Chipmunk Christmas. This is the one where Alvin gives up his prize harmonica to a sick boy for Christmas, then is in a bind because Dave booked them at Carnegie Hall and now he doesn't have it to play.
The other 2 episodes are from the late 80's TV show, The Chipmunks. The first is named Merry Christmas Mr. Carroll, and I believe it is one in the same as the VHS release a while back called Alvin's Christmas Carol. It is excatly that, Alvin is being stingy and makes up a huge Christmas list, and then is taught the meaning of Christmas by 3 ghosts.
The last episode, Dave's Wonderful Life, is in the spirit of Christmas and the story of It's A Wonderful Life, however there isn't really anthing festive or Christmasy depicted.
A must have for the 2 Xmas episodes, escpecially the first one, where we get the classic holiday tune, The Chipmunk Song!