For about ten bucks a driver, you can replace the foam surrounds if you have some patience and determination.
There was a time when the quality of a manufacturer's equipment was what determined their success, rather than the amount of money they spend on advertising. While those days are past, much of this aging Hi fi equipment can be found on craiglist or freecycle for a song. At best, they are ready to go with a little dusting. Sometimes, however, the drivers need to be refoamed. Would you like to get started?
Step 1: Stuff to get:
Razor blade, hobby knife, or scalpel
Stiff brush or toothbrush
Can of air
Speaker refoam kit http://stores.ebay.com/GeoAli-Vintage-Stereo-and-More
The kit I purchased included the glue, paint brushes, shims, speaker edges, and instructions.
Wood care products of choice (I'm using Howard's Restore a Finish and orange oil cleaner)
Clamps, c-clamps or the like if you have beauty rings to clamp into place.
Hair dryer or heat gun if your speakers have vanity rings around the basket ring.