Zak - you should be able to tell the string and cables apart pretty easily. The string obviously runs over the top of each cam and hooks it on the back side. The cables are much shorter and only run on the inside of the string through the cable slide. If you can post a pic of the frayed area we can tell you which it is if you're still unclear.

Also, do yourself a favor and pick up a new set of cables and a string from gibblet. I have a set on my 05 Allegiance and they're awesome. I'm shooting better than ever - and my bow looks cool too.