I wrap it seven times, but have been told I wrap it eight times because people count differently than I. That is, from the elbow, I wrap it half a time, seven full times, and whatever's necessary to bring it around again (i.e., another half). So it's seven, see? No, really. Seven. Count 'em.
No, count 'em this way.
:-)
As to why I put the extra halves, I don't know, except that my father does (and, presumably, his father did, and his father, etc.).