With those two words, I set off of gathering the vast amounts of materials that would be needed to fix our headphones. All one item.
(This all seems very self explanatory, but I've ran into many people who've never heard of this product or what it does. It's for that reason that I'm putting this here!)
Step 1: Materials
Seriously...that's all you really need. I found types of Liquid Electrical Tape type products when searching for this, but I haven't tested any of them so I can't really recommend them.
If you want to take things the extra step:
Bowl (you wouldn't mind throwing away)
Toothpick, Small Stick or Small Brush (that you wouldn't mind throwing away)