Reader Charles Kim has tried every cord-wrapping technique under the sun, but ultimately found that a vinyl badge clip to be the best tool for keeping his headphones tangle-free and on-hand when he needs them.
There's actually nothing to it, once you've got a badge clip. Just fold your headphone cord, snap the badge around it, and clip it to whatever you want (Charles suggests, backpack, purse, etc).
Simple but effective, just how we like it.
Simple headphone organizer using a vinyl badge clip. [Instructables]