OK, something pretty scary just happened to me. I had to go to work, so I decided to quickly iron my blouse before I left. I put the plug of the iron in the socket and all of a sudden there was a burst of flames!

My hand was still on the plug, so now there's a small but painful burn on it and I can't go to work today. But that's not the point actually.
So here's the question, since I really need my iron and could use my money for other things than a new one. The flames were only at the end of the cord and on the plug. Would it be possible to just replace the cord and plug, or has my entire iron come to meet its end?

I did take physics in high school, but I guess the short-circuit part didn't impress me that much, I barely remember a thing!

Any mechanics around?