Instructables
Picture of Attach a Compass to a Paracord Bracelet
Paracord is for emergencies, right? Survival and such. Well, out in the wilderness, you'd also want a compass with you, in case you need to know where you're going. Why not have both at once?
 
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Step 1: Make a Paracord bracelet

Picture of Make a Paracord bracelet
There are many different patterns for creating a Paracord Bracelet, and it all depends on your preference. For some great examples, check out StormDrane's instructables.

Step 2: Preparing the Mini Compass

Picture of Preparing the Mini Compass
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Smaller compasses are better for putting on the buckle of a paracord bracelet. It makes it less bulky, and more convenient. I got my compass from a little carabiner that had one attached. If it's a little plastic one like this, you can just pop it out the metal case with a screw-driver. 

Step 3: Attaching the Compass

Picture of Attaching the Compass
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Just get any good super-glue, dab a bit on the buckle and place the compass in the center. If you really want to go hard-core, you can take a soldering iron and meld the compass to the buckle. It's a bit more permanent.
Good idea.