I don’t know about you, but when I receive the phone book my procedure is usually this. 1. Open the book to the coupons in the back. Tear out the ones I might use and the ones that are funny. One time there was a whole page of $5 off coupons to a local strip club. 2. Put the book on a shelf and forget about it until the next phone book comes OR lately I’ll put the book straight with the recycling stuff.
My blog friend at 2000dollarwedding.com posted about this and I think it is a great idea.
You can go to www.yellowpagesgoesgreen.org/ and opt out of getting the phone book. Basically, you give your contact information, and this organization contacts phone book companies on your behalf to tell them you don’t want to receive the book anymore. Think about how much this could help the environment! Check out the facts about phone books here.
Andrea Unplugged 
yellowpagesgoesgreen is a great link – lots of resources. Unfortunately YP publishers have no incentives to scale down delivery – because they’re ad rate numbers are based on circulation, regardless if they go straight to the garbage.
Some communities and groups are pushing to fine these companies for “street spamming” and illegal dumping (and littering)
i have a collection of posts on this issue too:
http://www.futuregringo.com/index.php/2008/11/08/the-life-of-a-phone-book/
That is a great idea. I wish I could opt out of lots of things. So much junkmail goes straight to the trash, it seems like such a waste.