Hold your left arm out in front of you with your wrist pointing toward the ceiling. Lay the rope over your wrist. Bring the far end of rope under and back over your wrist. You should now have two loops of rope lying over your wrist.
Bring the far end of rope under your wrist again, but when you lay it over your wrist, lay it diagonally over the other two loops.
Place your right arm over your left. Your wrists and palms should be touching. Flip your arms over so that your right arm is on the bottom and the far end of rope also flips over.
Ask a spectator to tie the ropes under your right wrist. They can tie them as tightly as they would like, but it's probably a good idea that they don't tie them so tight that it cuts off your circulation. Hide your hands and arms by either asking someone to lay a towel over them, put them under a table or simply turn around.
Move your elbows away from each other. Your right hand should be pointing toward your left elbow and your left hand pointing toward your right elbow. You will now be able to pull your arms out of the loop of rope. Bring your hands back into view of your audience.