some people will say cut each line and wrap it blah blah. That takes too much time and is unsafe IMO..chances of cutting the wires are too great, but of course a lot of people have done it successfully.
Just bend it in half, then bend it over again and use electrical tape or zipties to keep it 'round'. I have a cable like that, works good.
BTW: the cable for CD drives is the same as for the HD's, it's an IDE cable