I'm all for emergency measures to keep your gadgets protected, like using a pillowcase as a sub for a laptop sleeve.
This tip for smaller gadgets came to me while I was rummaging through my junk drawer — you can use a soft sunglasses case, the kind that's made out of that thick, soft spongy material (not unlike a mouse pad) and slide your iPhone, iPod, (or if it's slim enough, camera) inside. And it's much better than a sock!
It's thick enough to protect your gadget from bumps and dents, and if you're like me, you've somehow accumulated these through the years (often, you get them for free).
Also, if you find the case is too long, just cut it down to reach your gadget and its ports more easily. Just like MacGyver.