A cable organizing and bundling sleeve and sleeve dispensing tool for use in installing the sleeve around a plurality of cables provides a system for combining, protecting, and organizing multiple cables and hoses into one compact bundle. An elongate, radially elastic tubular sleeve of suitable size is provided for bundling a plurality of cables, and sleeve-dispensing tool is provided for dispensing the sleeve into surrounding relation with the cables. The dispensing tool preferably comprises a generally rigid tubular dispenser having one radially outwardly flared end and a slot that runs along the entire length thereof. The dispenser functions to receive a sleeve thereon in a longitudinally compact, radially stretched-open configuration such that a plurality of cables may be inserted therethrough. Once the cables are inserted completely through the dispenser, the user slides one sleeve end from the dispenser, secures the end on the cable bundle with a suitable clip or fastener, stretches the sleeve over the cable bundle and secures the opposing sleeve end in spaced relation with the first sleeve end with a suitable clip or fastener. The dispenser is removed from the cable bundle by passing the cables through the longitudinal slot formed in the dispenser body. The sleeves are preferably provided in a plurality of colors and lengths suitable for particular applications.