I have a code for hitman absolution, need help

No, but you always could trade it, sell it or give it away here as a giveaway.

no there is no way to make a gift out of a key but you can still make a giveaway here with the key

As Thompzen said, you can make giveaway, and then send a key to the winner ;)

You can still make the giveaway with the key as the prize ;)

You can make a giveaway of the game, even if the game you have is a cd-key. If you're sure that the key is valid you can create a giveaway, no need to be a gift.

When the giveaway ends be sure to add the winner and deliver it in his chat.

So it is possible to do a giveaway without having it in steam inventory?

Like others have said. Make a giveaway. Once the winner is chosen, you will be able to see their email address. You can then send them the code.

Or... send it to me straight away :D JK, giveaway would do ;)

I will be putting this up in the next hour. If for some unknown reason the key is not good please don't crucify me.