Noob help - Replacing Speakerlab Loudspeakers.

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I recently came into possession of two giant loudspeakers built by my uncle in the early nineties late eighties. I know very, very little about speakers but im trying to learn, so i figured that fixing these up would be a good start. The tweeters look fine, but the driver and the woofer were completely ******. So basically, what i need to know is:
1)Can i just replace them with new ones?
2) Do the new ones have to be the original brand?
3) Can someone point me in the direction of a good tutorial on how to install them?

The woofer is a 10" speakerlab w1028p http://oi40.tinypic.com/9zsmlk.jpg, and the driver is an 8" speakerlab w828p Image - TinyPic - Free Image Hosting, Photo Sharing & Video Hosting
heres a shitty picture of the wiring http://oi44.tinypic.com/11hts39.jpg
Someone online said that this MAGI, W1038R is basically the same as my woofer, but again im not gonna go buying stuff without knowing. If i cant just replace the speakers and have to also do the wiring, i would be down, and if i do, tutorials would again be greatly appreciated. i'm a sophomore in college so i would like to not have to spend more than say... 300 dollars all together? but whatever happens happens.

I feel like this kind of thing is a dying art in my generation, and i feel like by fixing these up its almost a sort of connection with a side of my family that i dont really see anymore. Any help would be greatly appreciated.
 
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