Here's a great idea. Digital Life Outfitters is releasing a new Jam Jacket silicone iPod case with a twist: integrated earbud and cord management. As you can see, your Apple earbuds fit into the molds and the cord wraps around the back. This way you only have to unwrap as much of the cord as you need. Brilliant!
The Jam Jacket with cord management is also affordable at $19.99; there also a version for the 2nd generation nano for the same price. I think I may just have to pick up one of these.