Currently my sockets are all organized in the blow-molded trays that Sears sold them to me packaged in.

Growing up, the tool set I had access to was organized with the metric and standard sockets separated on a pair of coat hangers bent to form what looked like an oversize safety pin.
Take one heavy wire coat hanger, bend it until you have a long narrow loop (possibly with two corners at in the middle, making it a long U), and then bend one of the ends to form a hook, followed by a 90 degree bend. That way when you squeeze the two sides together, you can latch that side around the other side, keeping the sockets that you've slid onto it in place.

If my description isn't good enough to visualize, I can make one and post a picture if anyone's interested.

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-Josh
Testing the cheap Mercedes axiom, one bolt at a time...