Gather your tools.  Clockwise top to bottom:  Coiling pliers, Bent chain nose, Box nose pliers (I think), and side cutters.

I'm not sure what these pliers are "really" called but I could not live without them.  I think they are "Box nose".  I found this pair at Sears.  You absolutely must round the sharp edges before you use them.  If you don't, it will scratch your sterling.  A small jewelry file is necessary for wire wrapping anyway.  So don't forget to smooth the edges!

Hold your wire and make a complete 180 degree loop.

Hold the loop inside at the base. You're holding the long wire or in other words you're holding the wire that hangs down from the loop.  Bend your wire back some so that it hangs down perfectly straight from the center of your loop.  If you don't do this your wire will not hang straight down like it should.

I'd like to mention that I brought in my teeny tiny needle nose pliers for this part.  The small ones work best for me.

See how I bent the wire back some?  I kept my needle nose pliers still.  I just gently pulled back some on the long wire to create the angle and make the wire hang straight down from the center of the loop.

This is what it should look like at this point.  Now you can start wrapping. 

Hold your loop tight.  Yep, I use my handy dandy holding pliers (what ever they're called).

Start your wrapping.  One loop.

Two loops.

Three loops.  You can straighten your loops some with your bent nose pliers.

Snip the excess wire.

Squeeze down the end with your bent nose pliers so it is nice and close you your base wire.  Sometimes after this squeeze you will need to take a file and smooth the end of the wire you just pressed down.  On bracelets, it is espescially important that there are no sharp wires. Grab your jewelry file and file the end smooth if you need to.

The finished loop.  See how the wire is straight down from the center of your loop.  Now your earrings will hang right.  Also, the loops are nice and straight.

If you have the right tools, it's so easy!