You'll need a new jack, soldering iron, and wire strippers (or just be really carefull with a knife/scissors). You can probably get all that from Radio Shack for $25. Heck, some jacks are solderless (they might be a buck more) and you might not need the iron, but the soldered ones are more secure.
When you snip the end off there should be four wires, two of which should be the same colour. Those are your ground wires. The other two are left and right.
You could also find an electronics shop to do the work for you, although chances are they'll charge $30-40.
Or just skip all this and just get a velcro strap from the dollar store and wind up your cable for the time being until you're ready to do the entire recable. Do note that if you wind the cable, please use an over/under wrap method so you don't kink the wires.
I have a soldering iron from other adventures, just kinda hesitant as if i mess up i gotta cut more cord/undo my work till i get it right or be without headphones till i can get the money and send the headphones away for recabling. Will the audio connector parts have a little information on which connector is the right or the left output? That's another one of my fears. I dont wanna rewire them backwards.
EDIT: also, since I do wish to get a recabling done, would it make sense to go ahead with the less risky option of the solderless plug, and if that's fine I can attempt the soldered plug or just leave it how it is till the moth or so i have before getting the upgrade done?
Edited by kenman345 - 12/2/11 at 10:06pm