I've seen numerous pro's do this where they make a few twirls with the rod to wrap the line around the rod for storage (i'm guessing thats why they do it?) does anybody do this and what benefits are there for doing this?

Keeps hooks and line from other rods getting caught up.  I know guys that have snapped tips from getting tangled up.  Spinning rods are the worst offenders.

Lock the hook down, spin it once and catch the bottom guide. Tighten the line.  It keeps the line next to the blank and really cuts down on tangles in the rod box.  I will even do it if I'm going to run a ways in rough water with them on the deck.  Pick it up, depress the thumb bar, free your hook and one quick twist of the wrist and you are ready to cast.  Get into the habit and you will save yourself some aggravation.

Another good reason to do a quick line wrap when traveling/running.

Is to keep any baits tight against the blank so as not to allow the weight/baits to bang against the blank and causing the next weak spot for blank failure.

Tight Lines!!!!

i ALWAYS wrap my line around. You can end up with a pretty big mess on your hands if you don't. Prime example

Me and my partner were fishing a tournament and we had about 6 key spots we were rotating throughout the day. Well the spots were all pretty close except one that was about a 15min boat ride. i was just putting my rods in the rod box and not wrapping for the short trips. well the main lake was a little rough and when we made that trip it tangled just about all my rods were they couldnt be untangled.. so i spent the half an hour trying to sort through this with little success. i had to cut the line on about 20+ rods and retie.. needless to say i never leave without wrapping my rods. and no it doesnt hurt the line if just wrap it once or twice

Awesome info! Thanks guys...I'll have to start doing this i never really had a problem but to avoid any future problems sounds like a good thing to do..