2001 Mondeo - Honey I Washed the Remote!

Needless to say it dosn't work any more. It's the three button one with the detachable shank. It still opens the doors manually and starts the car, but it won't work remotely. I've still got the second
key with the blue tag.
Ford want about 40 + VAT, and I can't help thinking that there must be a cheaper option. These keys are on ebay for about 5. Can I buy one of these, change the shank and somehow programme it myself? I've seen a few sites that seem to deal with problems like this, but none of them seem particularly definitive.
All advice and pointers to a solution gratefully received. Cheers.
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