Harlan Whitman shows us how to paracord wrap an axe. I think you could wrap just about any tool you want to with this method. The tutorial on Instructables makes it look fairly easy and kind of fun to do. If you had the tool in your bag or vehicle you would also have paracord if you needed it.
http://www.instructables.com/id/Paracord-Wrap/?ALLSTEPS
