If the only goal is fixing possibly fraid cable, theres no reason to spend the $50 on silver. I haven't tried silver so I can't attest to whether or not it makes a difference, but you can recable a headphone with something like starquad copper (canare or monogami) for 90 cents a foot http://www.performanceaudio.com/cgi/product_view.cgi?products_id=5602 + $2 neutrik connector. It might only be a little bit if negiligbly better than stock, but its infinitely better than having a broken cable and sitting there skipping ramen for a month to afford a $50 recable.
Seconded on not getting the grado's though, I have a pair to use in my dorm and they are amazing, but anywhere else they could potentially bother those around me, and there's nothing more dangerous on campus than an angered, sleep deprived nerd on finals week. I ordered a $20 pair of earbuds to try before spending exessive money on portable phones (because then I can put the money towards a DAC or amp for my dorm rig )
IC 4 brain silver 4 feet should be more than enough.