C'mon now. Nobody even answered the question And fyi I have seen air stones that are pretty awesome ranging from 15.00+. So if it's salvageable,why not?
barrya~ first of all,welcome to the board. Secondly I personally would boil some water,attach some hosing and suck the water up through the hosing (just not all the way ) then blow it back out and repeat a few times. You could also do this with a mild bleach solution,and rinse it very well with some dechlorinated water. Or you can clean it by soaking it in a med like aquarisol.
But as far as 'rejuvenating' it, if it's carbon then you are better off buying a new one since it will have absorbed toxins in the past and they may leach in to your tank.Hope that helped a bit
sometimes when i just leave mine out untill it is completely dry it will rejuvinate them, doesn't always work though and you need a spare while its drying
Airstones stop working due to a build up of calcium deposits which block the pours which the air comes through. To re juvinate them simply soak the stone in some vinegar for a few hours and then rinse it well by running air through the stone in a container of clean water (not the tank).