If your doing some electrical projects you for sure have various heat-shrink tubes laying around. Its primary usage is for wire insulation. I use it often for other tasks. Some of them I would like to share with you.
Step 1: Drill Limit
Take the tube a little bit wider than drill bit you will use. Cut it properly and put it on drill bit. While drilling look at the tube: as soon as it touches surface stop drilling. That way you will never drill through. (In my personal blog http://www.jumbleview.info/2016/04/not-for-insulation-only.html you can find some more rumination regrading this usage).
Step 2: Plate or Picture Hanger for the Sheetrock Wall
I seldom use special hooks while hanging picture or plate.Take the narrow tube and cut the half nail length (make the 45 degree cut). Put the tube on the nail. Now you can be sure that part of nail will stay out while you nailing it.
Step 3: Awl Protector
Put the narrow heat-shrink tube on the awl end. That way you will protect yourself while looking for something in your tool box. You now even can carry awl safely in your pocket.
Step 4: Keeping Tweezers Tips Together
That way tweezers will take less place in your tool box.
Step 5: Paper Clip Enhancement
Paper clip with heat-shrink tube on it provides much better attachment compare to a regular paper clip.