This debate, although amusing, is a bit ridiculous. In the analog domain, cables can certainly make a small but significant difference. As stated earlier, you cannot polish a turd -- so if your equipment isn't up to par, it really doesn't matter what you use as IC cable.
A couple years back, myself, a friend, and a few glasses of Hennesy XO tested some of the IC cables that I have stored in a box. The contenders were: a cheap set of Monster Cables, a nice set of Tara Labs RSC, and a set of pricey Siltech SQ-80 (I think that's right...). To minimize variables, we only swapped the cable between the Marantz CD player and the preamp.
The winner was the Siltechs. It wasn't even close. This was verified by my completely sober wife as well. The detail was vastly better with the silver cables. Piano notes rung out with awesome sustain, saxophones sounded reedy, and female vocals jumped up out of the sound stage. Chamber music, always a good test of one's system, made it obvious that the noise floor was lower and the impact crisper.
Since that day, I have used silver interconnects for my two-channel listening. Silver speaker cables make the system sound a bit bright, so I prefer copper -- preferrably bi-wired -- in that application.
So the coat hanger arguement, from my perspective, is fairly irrelevant.
~VDR