My small workbench is cluttered and cramped as it is, and I don't need a bulky spool of solder to occupy any more of my limited space, so I came up with an extremely simple solution. This solution dispenses solder when you need it, and hides it when you don't, and it takes up only 2 or 3 holes on your peg board.

Step 1: Materials

For this project you need only to gather three things:

Spool of solder (One shown here is thicker than usual for photographic purposes)
Peg board (with the back accessible)
Long hook that fits in your peg board

(Be sure that your spool of solder fits on your peg board hook)

If you do not have a peg board put are so compelled by this Instructable to install one, they can be purchased at your local home improvement store.

Step 2: Choices

In this day and age you are presented with many choices regarding all aspects of life. Many chioces are made to perplex you and manipulate you into conforming to the norm of society.
This choice is no different.

You either can keep the spool of solder on the front or back side of your peg board.
If you have limited or no access to the back of your peg board (i.e. it is mounted on a wall) you may want to keep the spool of solder on the front side of the peg board. If you have access to the back of your peg board I recommend putting the spool of solder on the back of the peg board because the solder only has to pass through one hole in the board and therefore moves with greater ease than if the spool was on the front of the board.

Step 3: Hanging the Hook

Once you have decided how you are going to install the hook, on the front or the back, do it. Simply stick the hook into the peg board.

If installing the hook on the back (of a non-stationary board) you may have to move the board to allow easier access to the back of the peg board.
If you are installing the hook on the back of a stationary board, you may have to do some stretching to get the hook in place.

Step 4: Placing the Solder

Put your spool of solder on your peg board hook.

Then:

If you put the hook and spool on the back of the board, run the solder to a hole in the peg board that you choose and stick the solder wire through the hole. Then pull it out on the other side. (Pics 1, 3, 4, and 5)
If you have your hook and spool on the front of your board, push the solder wire through a hole near the spool on the front of the peg board. Then run the solder on the back of the board to the hole you want it to come out of on the front. Push the wire through the hole and retrieve it on the front of the board. (Pics 2-5)