It is safe to say that this is something that a lot of people have waiting for, it is called the Cordcruncher and it saves having loose cables hanging down. Basically, it is an elastic style sleeve that covers the cables producing a bracelet, but when needed the Cordcruncher can quickly become headphones again.
Here are the details on the Cordcruncher’s according to the firms pitch on the Kickstarter site;
This is why we designed the CordCruncher Headphones. Outfitted with high-quality ear buds, the CordCruncher Headphone’s elastic sleeve allows you to customize your listening experience, giving you complete control of your cord length. Adjust it anywhere from 16 inches to 3.5 feet. Finish up at the gym, crunch the ear buds, and toss them into your bag for the next use—all tangle-free, every single time!
Currently Cordcruncher is going through the Kickstarter crowdfunding site, where it has already gone past its target and there are still a few weeks to go.