"If the cable is so old that it "chips and snaps" it definitely should be replaced."
ABSOLUTELY. And some folks would suggest replacing it every five years anyway, as the core compresses and damp gets in and the cable degrades while still working.
You can make an emergency repair to coax in several ways. Easiest is to cut the break, install a "crimp on" male conector one each side, and screw both into a "double female" connector to rejoin them. Wrap over with waterproof tape.
Hopefully you've got an SWR meter and antenna tuner on that rig, things like a bad cable can kill the signal, or the rig itself.