I've been tying my i(ear)Phone cord this way for nearly a month now and haven't spent a single second trying to untangle the dang thing since. Try it out. Follow the photos here.
One day, after spending 2 minutes untangling the cord and grumbling for 3, I came across the series of photos on a Pinterest site with a lot of other great ideas. I love the pleasant surprises that geekdom brings, such as the NASA mohawk-hunk.
Tell me that I'm not the last person on the island to learn all this.