Damaged MacBook Power Adapter/Cord

Hey everyone,
I have had my MacBook since January of 2007 and just last month I noticed the first instance of damage to befall my beloved machine:



The power cord is separating from the adapter--leaving some bare wire. I went to the Apple sore and saw these things run $79! Then I checked online and found some starting at $30 or so... but I have also read a lot of reviews that say the $30 are worthless pieces of junk and to bite the bullet and buy the $79 one. Is there a way to fix this problem without shelling out $79? The cord still works, it's just tough to say for how long. For now it's more of a safety hazard than anything else.

Thanks,
Anthony