In early January I had bought some intel at $22.70 and because of the volatility I was able to sell a JAN 22.50 call for 1.15. Then 22.50 puts were cheap the day before earnings, so I bought those for $.60 (I normally wouldn't give myself a neutral position like that, but I still want intel long-term and I would have still generated some income even though it's minuscule). I ended up neutral on my position and when it collapsed to $19 on Friday I had lost nothing.
You could do this super long-term on Sprint, but without selling the covered call.
JAN 2009 7.50 put sells for .95x1.05. If you bought that combo at today's share price of $8.7, the most you could lose would be $2.25 price in the share or 25%, not that great IMO.
JAN 2009 10.0 put @ 2.30x2.50. In this case at a share price of 8.7, you are paying a premium of $1.2. So, you're maximum loss if share price stayed below $10 by JAN 2009 would be $1.2 or 14%. You do eat away at your upside and if the share price is between 10.00 and 12.50 then you do lose, but above that your gains are unlimited.
Or you could just buy the shares monitor it's daily activities, hope you don't gap down, set a stop, watch yourself get stopped out and see the shares jump later.