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?
Step 1: 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.