Sumajin makes a little silicone thingy, called a Smartwrap, that holds your earbud wires and sells for five bucks.
In this review of the product, David from iPoditude mentioned that you could probably make one out of a toilet paper tube.
I, Dr. Vector, have taken him at his word.
Introducing the dumbwrap.
So far, all the tubes I’ve used came from rolls of Ultra Quilted Northern. But I’ve also wondered how other kinds of cardboard would work. Kleenex boxes come to mind. I like the curvature of a tube, though, because it makes the final product a bit more interesting.
Incidentally, I made the dumbwraps last week, and so far they’re both working fine.