Lol, this is actually very very old news. At least 20yrs ago. I did try it myself before. But its extremely tedious. Depending on how you do it, you may end up having worse than normal due to high capacitance.
The increased capacitance from braided cat5 has 0 effect within the audible range.
Yes, very old news indeed.
Thus did I say "you know what they did when they discovered CAT5..."
Full disclosure, I used a couple of much (
much) simpler CAT5 recipes for loudspeaker cabling for a year or two ca. 20 years ago myself.
I also used some enamel-insulated 18-ga single conductor magnet wire -- someone does actually sell such stuff as speaker cabling.
(I didn't buy them, though).
Award-Winning HiFi Audio Cables including bi wire speaker cable, solid core wire and stranded wire for loudspeakers. STARTING AT ONLY $12 PER FOOT!
anticables.com
I've never used any flat cables -- although I will note that way,
way back in the early days of massmarket hifi, even equipment manufacturers suggested the use of (flat) 300 ohm twinlead antenna cable (once the staple of VHF TV antenna hookups) for (short) runs that had to go under carpeting.