Created by a Texas teacher named Mark Williams, it's a LiveStrong-style bracelet that come with fittings for holding your earbud-style headphones without leaving them a tangled mess. The idea came from watching his students in school, many of whom walked around with bands on their arms and earbuds dangling from their heads.
The Budwrap is a silicone wristband that come with a pair of flaps under which you can tuck in your earphones before winding the cable around its length. Cutouts around the band let you lock in the headphones by slipping the connector into them.
If you like the idea, but aren't too warmed up to the prospect of wearing rubber bracelets (since, let's face it, you're no longer 15), the creators recommend strapping it lengthwise to your phone. It will get in the way of the display, of course, so you can try finding some other item to put it on (maybe your dual-drink water bottle or a book).
Currently, the Budwrap is listed as fully-funded on Kicstarter. You can still join in on the preorder action, with $15 reserving you one.