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Found a great thread on slashdot on this topic where someone suggests this method.
I bought a bunch of 15cm x 9cm snaplock bags and a box that fits them nicely. Spent some time sorting out the collection (only resistors done so far, capacitors are next).
The plastic bags have a nice place to write the values on them and all. This system is very compact and if you get a value to file that fits between two others it can be simply inserted without the need to move all the drawers.
The point has been made that this probably isn't a good idea for static-sensitive components, but I just thought I'd put them in the bag inside their anti-static bag or foam pad.
No doubt this whole exercise is really just elaborate procrastination.