So I ripped a CPS wire and now what

In short I am doing a head gasket on 92 xj 4.0. Got to taking the valve cover off and the rear driver side bolt had another bolt on top that had the wire clip attached to it. Wire clip kept turning together with a bolt which infact ripped a wire. After a short research it looks like it is the Crankshaft Position Sensor (CPS) The connector at the end of the wire is bulky, round and has 3 prongs. The worst part is that I ripped the wire that goes into the firewall?
Can I just splice the little wires and tape them up with electrical tape or perhaps my chance to learn soldiering? Will that affect the OHMS and voltage drops?
Please advice.

Edit. I ran into all kinds of problems. mostly rust related. stuck bolts. rusted A/C Condenser together with metal tubes/hoses. Even battery holder poll got twisted off. Smaller of the Throttle metal linkage wire clip broke. The larger linkage has a ball at the end. the smaller had a small plastic clip I broke. I am also having problems removing Fuel Rail connectors (haven't figured it out yet). At least valve cover was only hand tight (except for that rear bolt that ripped the CPS wire). So much oil in coolant I have never seen. Same with oil. it had density of water. Exhaust manifold is cracked. I need A/C Condenser (which seems to cost more than new radiator from radiatorbarn).

As an emergency measure you can splice and tape or use a wire nut, but if you want it to last you'll do better to solder. Sometimes those wires corrode a little inside the insulation, so when you do solder, make sure you really clean up the wires until they shine. Soldering is really easy, though, and it's well worth having an iron and some solder around for this kind of thing. Make sure you use the right solder (rosin core for electronics, not the stuff for plumbing). One of the few things Radio Shack seems to do better than anyone else is solder. I've always found theirs dependable.

now that I think about it. It can't be crank position sensor wire. Whatever it is. I am sure it's important.
I am trying to find it on google but don't really know what I am looking for.
Searching for "92 xj CPS" on google pictures comes out with different looking connector.
It's round and it has 3 prong style socket. It is connected to driver side firewall corner valve bolt with a clip.
I am very mechanical but new to car electronics and terminology.
Please advice.
Actually I found it. It looks like it's a sensor wire. I apologize for my noobness.
http://www.shopmania.com/shopping~online-auto-accessories~buy-crankshaft-positioning-sensor-1991-92-jeep-wrangler-2-5l-or-4-0l~p-9795139.html