Broken Camera Lens, can it be fixed?

Hello all, i got my Canon t2i out of its bag this morning, only to be shocked, when i noticed my Canon 50mm 1.8 lens had seminally broken. The lens still works fine, and no glass is broken, but from the focus ring, to the glass slides out of the main lens. as you can see in the attached picture. would it be posable to glue it back in? or will i have to send it into canon? if so, how much do they usally charge? i live in west michigan, if anyone knows of a good repair shop around here, that would be fantastic.

Photo on 2011-01-01 at 15.18.jpg
 
I would look for another 2nd hand example - suspect the cost of repair might be more than lens is worth. Are you insured?
 
im not insured, i followed the instructions that "bwwd" provided, which lead me to what i think was the problem (a lose peice) which i glued back on, but now the lens wont focus. i might have to end up getting a new lens.
 
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