There's nothing worse than a clumsy friend- especially one that has bad luck with spilling beverages. Eliminate the pain that is cleaning up in the middle of a party with these classy arm rests. Easy to make, and a great conversation piece- without offending your clumsy friends. Believe it or not, I've seen these things go for upwards of $300 a piece. In my mind, this seems like an easy enough project to do yourself with minimal supplies. This makes it a great cheap addition to your bachelor pad. Emily over at Merrypad.com agrees, check out her DIY article here.
Update: I made my own 'super simple' wood couch arm wrap / couch sleeve for under $10. See more pictures and instructions here.