More to explore:
Store wrapping paper against the closet ceiling to make room on the floor From The Daily Buzz: 25 Clever Ideas to Make Life Easier
Nifty wrapping paper storage idea; maybe on the back of a closet door; ceiling too high...
Gift wrap storage on ceiling; hang wire inside a closet and store wrapping paper up there
50 Genius Storage Ideas (all very cheap and easy!) Great for organizing and small houses. Store wrapping paper on the ceiling of a closet!