in theory, yes.
in practice, it could work as a proof of concept but for other reasons, bad idea.
Why? well.. Audio suffers a lot from impedance, which is a reason why most audio cables are thicker.
Headphones usually use thin wires since there is nowhere else that the signal will go to besides said headphones and it wont be used for anything else after that.
Unlike with audio cables where it is just a route between A and B and B will do stuff with it, either modify or amplify the signal so signal quality is important.
And.. 3.5mm to 3.5mm audio cables are cheap, like 3 to 4 USD a piece, bit more for longer versions.