Most western Buddhists do. Answer: Anybody who choses to have a party and give gifts around the 25th of December can be said to be "celebrating Christmas". Then again, celebrating Christmas as a non-religious event is really celebrating the Winter Solstice or Yule, traditions with much longer pedigree in human affairs.
If by celebrating Christmas you mean remembering the birth of the Christian's Jesus Christ with any sort of reverence - there is no reason that Buddhists or anyone except Christians would mark the day for that reason.
Many festivals overlap (like Easter and Vesak). It would be hard to claim that participants are celebrating anything but their own intentions. Buddhists respect and admire the kindness, and compassion, of Christ.
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