I know only he can consecrate the bread and wine and physically offer it, but do the laity offer it spiritually too? In the Canon of the Mass the priest often says "we" and in the prayer of the living he says that we (the laity) offer "this sacrifice of praise." And I went to a NO Mass and the priest said something to the effect of "Let us offer these gifts to the Lord" or "Let us pray that these gifts may be acceptable to the Lord" or something like that.
P.s. What is the Catholic understanding of the priesthood of all believers? (Also called Universal Priesthood.)