Yes, wiring up a headset like that is pretty simple. There are two options, depending on what you like best: 1) change the plugs on the drop cord to match whatever radio you're using or, 2) make an adapter to fit the headset as is to your radio. Some folks like the one over the other. It's just personal preference. I've done a lot of headsets for folks. The biggest thing is finding the radio pinouts and the headset schematics. Here's an average headset schematic:
This is for a Kenwood/Abell type radio. Icoms are similar but the mic wiring is reversed.
This is the rig I built for myself:
Bigmatty found the Otto Breeze headset in Ebay for $12, and the Radio Shack drop cord with the PTT and aux audio input was around $20 form the delete bin. I've since swapped the Icom radio for an Abell (Kenwood clone). I'm very happy with the setup. The aux audio input was just an afterthought, and after an idea from Batman I wound up putting an MP# player on the rig. You gotta do something when you're respawning.
