for like a knock sensor or something?
I would just solder it back together (the inside), heat shrink it, and then give it a few wraps with aluminum foil and zip tie it, and then heat shrink all that.
All that it for is so that you do not leak RFI. Same concept as your RCA cables that runs in your stereo systems, or video cables.
Whatever circuit that wire is for though, when you finish your work and IF you get a check engine light, you know the place to look first but I think that you will be fine.