I never thought of this super simple solution for an old sock, and I thought I'd heard all the cord organizing tricks out there! Courtesy of this month's issue of Real Simple, the editors suggest using an old trouser sock to wrap around cords to keep them together.
Just snip off the toe part so you have a little tube, unplug from the power strip, insert the cords, and then plug them back in.
They say trouser sock, but I keep envisioning a cute striped retro tube sock! Their tip also has them gathered from a power strip, but I could also see using them to keep cords wrapped tightly around one another when they're put away.