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There is no reason why you couldn't do it but many reasons why it is not such a good idea. The main point would be the centre conductor on the coax (in my estimation) would be on order of 18AWG. Considering most would have you use 10AWG wire for speakers, then you would be running a bit thin....
You could solder a banana plug to the centre conductor and another one to the braid which has been twisted together into a more sold mass.
"One of the problems of taking things apart and seeing how they work--supposing you're trying to find out how a cat works--you take that cat apart to see how it works, what you've got in your hands is a non-working cat." -- Douglas Adams
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