Fohat's suggestion is good, but it requires skill, and moreover coiled cables are damn hard to handle. Cleaning them is hard enough; I've found that repairing them is a PITA.
On most old keyboards, the coiled cable gets nasty and sticky after a while. I don't think your coiled cable looks very nice and it probably feels terrible, am I right?
May I suggest you take advantage of this problem to discard the cable entirely? Why not open up the entire keyboard, clean the inside out, pull the coiled cable from the belkin and substitute in another cable? Maybe do a USB mod while you're at it.