Question: Why can't you hook up the plug to the power supply?
Are you attempting to use it as a hub outside of a computer?
In which case may I recommend that you don't splice USB anything!
Instead, find one of those 5V wall wart USB chargers that comes with pretty much any USB device*, preferably one of the really cheap ones that come with an obviously two wire wired connection, chop the USB end off, then splice to the wires going to the molex connector. Some microscopic wire nuts would work, though you might solder. If you can find a matching molex plug, you could splice to that instead. Black is ground, red is power.
That said, I agree with Ben. Just buying a new unit is so inexpensive that it'll be the cheaper option. The risk of damage combined with the low speeds just doesn't make mucking around with it worth it.
*I like using bluetooth ear pieces, so I have a bunch of them. You probably got one with your last couple cell phones.