Cheaper way to program PICAXE?

The USB programming cable for a PICAXE is $25, which seems a bit high. The serial cable is only $5 but my computer doesn't have a serial port.
So. This is what I propose to do. Use these the serial cable and a USB to serial cable and a cheap proto board like so:
USB to serial + Serial to PICAXE + PICAXE

Will this work? If it does, it can save about $12.

It should work, but USB serial cables are not all the same - try and make sure you get one with the FTDI chipset on it.

Using the proper cable is more likely to be reliable.

Yes it will work, that's what I do for programming. They cost about $10.