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If the controller hasn't got any obvious signs of abuse (ie you've cracked it open or slashed the cable), and it is still under it's 1 year warranty period, phone Sony (number in manual or online) and they will replace it for free.
Even if it is not under warranty, Sony often still replace them for free.
If you bought it from GAME (Electronics Boutique) then take it back and get a new one, that's what i did with my PS2, amd i didn't even need a a receipt!
:D
CHEAP!!
More like £19:99 from most places.
Give Sony a bell, they usually replace the good within 2 days anyway. Im sure you can bare the wait.