This one is tied in the same manner as the glow-in-the-dark pouch of the previous post. I used a one foot long piece of 550 paracord for the drawstring/cinch cord with cord lock, and 20 feet of paracord for the pouch.
I tied it around a 1.5" diameter by 5" long piece of foam tubing as a mandrel, but you could use a section of PVC pipe, or any other similar cylindrical object to tie around.
This was made for a multitool, like the Victorinox SwissTool seen in the photo, but since these half hitched pouches can expand/elongate/stretch, it also works well to store a cell phone, Altoids/survival tin, deck of cards, or a pistol magazine, etc...
I haven't added any belt loops to it, but I'm sure something like that could easily be rigged with some more paracord, a belt clip, or maybe a carabiner or two could also work to secure the pouch to a belt/bag/pack etc...
I'd guess at doubling the amount of cord for doing a paracord half hitched can koozie, to be on the safe side It can be tied directly around a soda/beer can. And since you're only feeding the cord around once for each half hitch, compared with twice for the cow hitching method, it takes a little less time.
And another photo of the pouch mounted onto a backpack shoulder strap with a few Grimlock Locking D Rings.
Stuart Grainger's 'Creative Ropecraft' has some good diagrams and variations of half hitching/needle hitching.