Around here I have more odds and ends than I know what to do with. I used to keep it in piles strewn about our tiny apartment until my fed up girlfriend came up with a solution to make the room a little more organized.
It basically involved drinking a lot of bottled water and using the jugs the water came in to store stuff. Using her method, not only do you get a $2 rugged modular plastic storage bin, but you also get 2 gallons worth of drinkable water for free. I highly advocate such a storage system. Especially if you are overrun by small parts.
Step 1: Drink water
Before you can even consider starting to store stuff in the plastic water jugs, you have to drink the water they're holding. It's recommended that you drink 8 full glasses of water a day. However, drinking a little more than that will not hurt you and may, in fact, be beneficial. If there are two people drinking water from the container, you should be able to go through one in about two to three days.
Step 2: Cut the jug
When you are done drinking, cut open the jug. You should do this by slicing away the label on the front side of container. You don't want to make too large of a hole or the container will lose it's structure. You also don't want to make too small of a hole or it will be hard to put things inside. Make the hole just right (see below).
There may be a little water left inside. You can shake this water out in the sink and then let it air dry for a day or two before putting things inside. If you're really in a rush and don't care about moisture, wipe out the inside with a dry rag.