I've done this, I took my quilting on a plane with me and had to keep in steady in something so I took a container that I was going to store the stuff in and put some holes in it. I've also made yarn cake bags that have a hole so your yarn doesn't turn into a tangled mess :) Extremely convient.
^ I personally just take a thin nail and poke it through..you can also take larger needles and poke little holes in as well.