Grimis,
Well, yeah, it will "work". Some grades of coax do have a little bit better sound though. But all in all it should be fine.
For example, I used an old yellow composite video cable as a digital coax cable at first, it was really thin, not much to it, but then I replaced it with a bit thicker cable that was meant for use as a component video cable, and the sound was noticeably different, I will not say it was worlds away better by any means, but you could tell there was a difference. I also did an A/B comparison with some optical cable, and there again there was a difference in sound, not a very big difference, nor can I say one was better than the other, but it was just slightly noticeable. So I would say go for it with some respectable coax, and you should have NO problem.
Don't get mixed up by some salesman trying to sell you exotic cables. While some of them may be able to quantify their claims on paper, the sound you hear may not be that noticeably different from a regular run of the mill cable. Or the differences that you may be lucky to hear won't be of such an immense improvement as to warrant paying the premium price for them.
-capT