In short yes it can be fixed. The same thing happened to me a while ago, i just took it into guitar center and they fixed it. I didn't have the original tuning peg since it was a gift from a family member, if you still have it they may be able to use it, I'm not totally sure though. Since you say it is an old guitar, they may not have an identical tuning peg, which was the case for mine, but that's not a huge deal. I don't remember exactly how much it was I think it was like $25-$30 for me.
i would say maybe. it depends on the original material, among other things. why not just try and see? if it breaks again, you'll know.
Quote by Skeet UK
I just looked in my Oxford English Dictionary and under "Acoustic Guitar", there was your Avatar and an email address!
Quote by Poisonouspot
....[ ]......is there any hope of smouldering it back together or do I have to buy a brand new one, thanks
I'm not entirely sure where you'd be able to buy a "smouldering iron" to do that....