To store ginger, one has two goals:  keep it from getting slimy or moldy, and prevent it from drying out.  The SamCooks site says to wrap it in a dry paper towel, put it in a plastic bag and refrigerate.  Sounds good to me.   

Asia Foods has buying, use and storage hints; they advise:

"Store ginger in a paper bag in the vegetable crisper of the refrigerator. It will keep quite well for weeks, but if you need to keep it longer still, divide ginger into knobs, peel, drop into a wide-mouthed bottle and fill the bottle with dry sherry.  Refrigerate.  For convenience, chop the ginger very finely or blend with just enough dry sherry to facilitate the action of the blender.  Store in a glass jar.  A little citric acid dissolved in water and added to the jar increases its keeping qualities." 

Actually I usually just throw it into the front of the produce drawer and remove what I need whenever I need it.  At the first sign or drying or mold, I make Candied Chopped Ginger.  This pretty much preserves the full flavor of the ginger.    But the dry sherry method sounds pretty useful too, especially if you use it primarily in non-sweet dishes.