I didn't know this and spent some time outside with my 50' and 100' extension cords. It works exactly as described; I was amazed! Now to try it on a hose, although part of the problem with those is that they get very stiff when cold.
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I've been using the coil and twist method used by sailors (as shown here http://www.youtube.com/watch?v=k2ChlCns4AU but without the final tight wrap & knot). This requires that a the far end is free to spin around because the twist turns the rope. It also requires that the line get shaken out (with one end free) to undo the twists or kinks will appear. Both of which are a real pain with garden hoses and wire.
This looks much better. Thanx. Another cool thing learned on MNL!