Some tools can be very sharp and dangerous if not organized correctly. We're sure you'd rather pull your tool out of a styrofoam board instead of reaching into a dark, cluttered tool drawer and risk puncturing your hands.
You can easily make a wall mounted pincushion using Styrofoam and plywood.
To make you pincushion, you'll want to glue your foam to 1/2 in plywood. Leave a 1 in border. You'll want to use PL 500, which is a foam compatible adhesive to glue the foam down. Let the glue dry for a couple of hours. Screw you plywood into a shop wall. Punch the holes using your screwdriver. Once mounted, fill it up!
For more organization ideas check out The Family Handyman - Home Organization