When you've spun all you can on your spindle, or you're simply eager to see how your yarn has turned out and want to look at it, here's what you do. Holding the end of the yarn to keep it from untwisting, wind the yarn off the spindle and onto the back of a chair, onto a niddy-noddy if you have one, or simply around your bare feet held about a foot apart. By doing this you're making a skein. When you reach the leader, pull it off of the yarn you've spun (you may have to untie it; sometimes you can just pull it out) and leave it on the spindle. Tuck both ends of your yarn into the skein to secure them.
Now find some more of that boring old store-bought yarn and cut three pieces about three inches long each. Tie the pieces (using granny knots so they'll be easy to untie later) loosely around different sections of the skein. This will keep your skein from getting tangled. Remove the skein from the chair, niddy-noddy, or your feet and hook it over your arm.
Fill the bathroom sink with hot water--not boiling, but good and hot. Don't add soap or anything else. When the sink is about half-full, turn off the water and only then put your yarn into the water. Yes! I'm telling you to put wool yarn into hot water!
Set the yarn on the water and let it sink gently, patting it down a little to help the process. Now don't touch it. Let it soak.
After fifteen or twenty minutes, unstopper the sink and hold the yarn away from the drain so it doesn't clog it. When the sink is empty, press the yarn against the side of the sink to get some of the water out, then pick it up in both hands and squeeze more water out. Don't wring it, though, or you might end up with felt. Fold the yarn in a towel and press down so more water is soaked into the towel.
Now you've set the twist. Hang the skein of yarn to dry--if it's sunny, you can hang it outside. Once it's dry, it's ready to use.