Instructables
Aglets are the little metal or plastic ends on shoelaces and drawstrings. Since mine broke off from the drawstrings of my hoodie (OK, I chewed them off), I decided to wrap tread around the drawstrings to keep them from fraying at the ends. It turned out to be pretty simple and only took about half an hour to finish both ends.
 
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Step 1: Thread the needle and tie it on

Look at the second picture. See how frayed that is? Let's fix it.
First, thread a needle. If you don't know how, check out this instructable. You will want about two feet of thread, about the same color as the drawstring.
Next, thread the needle through part of the drawstring, and tie it off.
Now we're ready to start wrapping.

Step 2: Wrap it up!

Hold the drawstring close to where you've tied on the needle.
Start wrapping the thread around, overlapping to make sure everything is covered.
If you run out of thread like I did halfway through, tie off the remaining thread, then start over a little further down. Be sure to sew through the string a couple times and make sure it's secure.
When you get to the end, tie it off securely and cut any remaining thread. You can wrap it all the way to the end, but I wanted a little bit of frayed string at the end.

Step 3: You're done! (with this side, at least)

That's it, unless you want to get fancy and put some varnish on it or something. Now go and fix the other end of the drawstring or shoelace, then put on your fixed-up hoodie and go do something fun, like dancing!
Great idea! With ropes this is (more or less) called "whipping" & it can get very fancy. I would probably seal it with fabric glue or white glue, rather than varnish. Check out the instructables on heat-shrink tubing for shoelaces: I bet that would work on drawstrings too.