I have 2 sterilite containers. One holds "everyday" type items...markers, crayons, stamps, coloring books. The other holds "project" items...glue, eyes, pipe cleaners, paints, glitter, foam paper, etc. The everyday bin is stored on our trofast in the living room along with the toys. The project bin is stored in our coat closet. W/in the everyday bin I have a couple pencil cases (the softside zip kind) that keep crayons, markers, and stamps sorted and organized.
It's not ideal, but it works for us. It keeps me from collecting too much crafty stuff, keeps me weeding things out (like the coloring book with all but 2 pages colored on), and it keeps it out of sight.
ETA: if you have a lot of things I would suggest going over to No Time For Flashcards. She's got a great supply list plus search for her post on how she organizes her craft items.
Mom to two amazing DDs ('07 & '09) and a fur baby.
Gluten free since Nov '11 after non-celiac gluten sensitive diagnosis. Have had great improvement or total elimination of: migraines, bloating/distention, heartburn, cystic acne, canker sores, bleeding gums, eczema on elbows, dry skin and scalp, muscle cramps, PMS, hair loss, heart palpitations, fatigue. I'm amazed.