Based on the knitted Yarn Holder by Teresa Murphy, I created this crocheted version.

It will hold a standard center pull wound ball of yarn and features a hole in the bottom to allow for easy double-stranding without your yarn twisting.

Simply turn your ball of yarn upside down and pull from the center through the bottom of the holder and run the outside yarn out the top of the holder, presto, no tangled yarn.

See my knitted version as well, which has the same features.