Need a new xbox live mic (or can I fix mine?) for cheap.?

I got my mic with my xbox at christmas. It was the new black one and the head set was the regular head set. It worked fine for about 5 months but a few days ago my friends on xbox live said it started to sound static. They said it sounded like I was blowing on it and chewing on it. I had taken good care of my mic and never sat on it or anything like that and this came out of the blue. Can I fix it, and if not what should I get. I cant afford the 50-60 dollar ones and I am a bit wary of getting another regular mic. Also my tv runs off quaxle cable so there is no head phone jack or anything like that. Can I fix my old mic and if not what is a good 20-30 dollar mic or head set?