I've broken my Sennheiser headphone and wanted to fix it. Here are some tips.
Wires color:
Red: Right signal
Blue: Right ground
Green: Left signal
Copper/Gold: Left ground
Also, you'll need to remove the colored lacquer around each wire before soldering them!
A nice guide to follow:
http://www.sqtl.co.uk/blog-article/items/repairing-a-headphone-lead-sennheiser-px100.html
Have fun!