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Washing running apparel in cold water on the delicate cycle (with a gentle detergent such as Woolite) will prolong its life. And hang running clothes to dry. Because they are made of moisture-wicking fabric, they will dry within a few hours and they'll be ready for your next run.
Wash your running socks in your choice of warm or cold water and dry them in the dryer, even moisture-wicking socks. Putting running socks in the dryer makes them softer and more comfortable, and in my experience machine-drying doesn't seem to wear out the fabric in socks the way it can in other sports apparel.