Have you ever stored more than one extension cord on a hook? If you try to grab just one, either you'll leave loops of the cord you want on the hook, or you'll grab loops from more than one cord. This solves that problem.
Step 1: Make the Hangers
It is simple. You should be able to figure it out by looking at the picture.
Grab some rope or cord. Pictured below is approximately 1/4 inch 'clothesline'. Like a lot of my instructables, I used what I already had. Cut the rope into approximately 2 foot long pieces. Melt the ends if you so desire. Now tie each piece of rope into a loop. Use whatever knot you like. I think I used a simple overhand knot. Hold both cut ends in one hand, make a loop, pull the ends through the loop and pull it tight.