I have kept my bike tools in a shoe box, a paper bag and scattered in a drawer forever. But at last I have the space and time to create a more reasonable organizational system. I always liked pegboards, but the one attached to my workbench was small and, well, crappy. I really wanted something better. My cycling friend found Wall Control and suggested it to me. They make metal slotted "pegboard" that looks cool and has hangers that don't fall out when you look at them sideways. I added an inexpensive socket holder and a magnetic wrench holder and shazam, it looks swell already. My favorite part: The paper towel holder.
Sure, it may have cost more than I really wanted. But the results are totally cool. I even bought another horizontal version for the other side of the garage to hold yard tools.
This it how it looks now, but there there's room for more, and it's easy to rearrange.
Maybe I'll become truly organized and, equally importantly, stay organized. It's already proven better than shuffling through a shoebox looking for the right size socket.