copper turning green = severe oxidation. cut the green bits off (cut a bit of the speaker wire off, until it's copper again, if it's really really green though, I'd recommend looking for a new speaker cable, and finishing the ends with sealed banana plugs or spades. (sealed = fit little crimping sleeves over the ends, you'll find them in your nearest radio shack, or maybe in an audio store (WBT fits every finished cable with these 'sleeves', look there too...)
some cables with thransparent sleeves tend to turn green too over the time (but it's not very common...), it's also oxidation though. and yes, it'll degrade your sound.
Keep them spinning,
Bert.