To fix this I decided to install headphone jacks on each earpiece. This not only fixed the breaking cable, but also acts as a psuedo quick disconnect as well. DISCLAIMER: this instructable will only work if you can open up your headphones ear pieces in such a way that they can be put back together! I have Grado SR60s, which worked perfectly for this.
I didn't think ahead and take a picture of all the tools needed, but here's a list;
• Pliers and/or wire snips
• Cable Strippers
• Dremel Tool and/or Drill + Bits
• 2 x 1/8" micro mono panel mount headphone jacks
• 2 x 1/8" mono phone plugs
• Heat shrink of various sizes and colors.
• Heat gun
NOTE: I've skipped describing the process of how to actually connect the speaker wires to the connectors and plugs. There are other, better, instructables available that describe the process. Sorry!