An air cushioned microphone cable retractor and receptacle assembly for use in controlling the deployment and retraction of a limited length of microphone cable includes a hollow cylindrical housing portion, in which a pulley mounted to a piston is disposed. A microphone cable is connected to the pulley, and then to the microphone, which is configured to reside in a top receptacle when not in use. In use, the microphone may be pulled out and away from the receptacle, at which time air above the piston is permitted to readily escape from above while the overall resistance is determined by operation of a lower relief valve. When the microphone is placed back in the receptacle, the weight of the piston pulls the cable back within the housing, with air venting structure providing an air damping feature to slow the retraction of the cable.