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I bought some IKEA TROFAST toy storage furniture and love the stuff.

http://www.ikea.com/us/en/catalog/categories/departments/childrens_ikea/series/19027/

I have a desk setup with one of the older GW paint stations and have all my paints in a repurposed extra large spice rack on the wall. I run three painting/hobby projects concurrently and keep them in one three separate TROFAST bins labelled WIP #1, #2 and #3. When it comes time to work on something, I pull out the bin, work on it and then put it back when I'm done. My rule is that only fully completed items can come out of a bin... in other words, I have to finish something before I can start something new.

It's a good system and keeps things clean since your work in progress projects have somewhere to live when you're actively working on them.