Yes it can be replaced and your system will be as good as new afterwards.
To get an idea of the work involved: http://www.audiofriends.nl/pdf/refoaming.pdf
There are several companies selling these so called surrounds. There are foam and rubber surrounds. Stick to the same material as you may otherwise significantly alter your system's sound. Just google "speaker repair" or "speaker surrounds" and you will find several. You can ask them to repair your speakers (which may be fairly expensive) or you can order the surrounds and glue (you can not just use any glue) and do it yourself.
I have done such repairs a few times myself and it is absolutely not difficult.
Good luck.
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