Depends upon your soldering skills. In the scheme of things, a pretty easy fix. But you have to be careful, as the very fine tonearm wires attach the same board as the interconnect cable. Also, you have to be able to strip off the outer sheath without cutting off the mesh ground wrapped around the inner sheath (which contains the signal wire). The goal is to end up with a return wire (by twisting the mesh into a wire) and a signal wire (by stripping off the inner vinyl/plastic sheath). You do this on both right and left sides. You will see what I mean when you remove the bottom panel and look at how the interconnect wires are attached.
But before you do all this, it looks like you could just split the cable a bit further (at the "seam", so as not to further extend the damage) and use some electrical tape...it appears unlikely that the wiring itself is damaged. This will allow you to determine why the table sounds so bad before going to the trouble of replacing the wire.
Are you getting sound from both right and left channels? Any hum or buzzing? If yes to the first and no to the second, the cable is probably ok.
That looks like an AT11 cartridge, which is very, very similar to the AT95. However, I think the red stylus assembly has a conical stylus (needle), whereas the AT95 uses an elliptical. You can get a nice elliptical replacement stylus for about $25.
If you can provide a better description of the problem with how your table sounds, we can help diagnose it further. But the most likely issue is a damaged or worn stylus. If you have a magnifier, take a look at it for any obvious problems. I had a customer a few weeks bring me a turntable to repair...the stylus had broken completely off. Pretty easy problem to fix! I've also had people bring me turntables that weren't tracking, only to find that therer was so much dust and debris on the stylus it couldn't even make contact with the album.