Cable swap method - are you saying just cutting off the plug of the existing cable and soldering on a PS2 plug would be sufficient?
Without meaning to be rude, there has been a gigantic, highly detailed thread about this around for quite a while (it was the reason I registered here in fact).
That said, it is
gigantic, so...
Yes, replacing the cable (since the original is quite short) gets you basic functionality, basically like a quirky Model F AT. Throw some jumpers on some pins inside (see the thread) and you get a marginally better level of operation (or no change, depends on how good it was to start). Swap a driver (Win2k/XP) and you've got even better functionality.
Then you've got to remap the keys, but most members here have a method for doing that already. It starts out almost exactly like an AT Model F from a layout perspective.
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