Sadly, no warranty on the charger that I've ever been able to see (although it can be covered under AppleCare if you've got that). Sometimes you can get a sympathetic person if you call in to Apple Support and tell them this has happened however umpteen times.
To save a bit of money, check eBay rather than buying straight from Apple as you can sometimes find them cheapter there.
If you do end up getting a new adapter: grab some electrical tape and tape around where the cord joins the plug (laptop-side) to hopefully give it a bit more stability. Also just be really careful when you pull it in and out -- pull straight out, as twisting or bending it can cause issues. And be really, really careful not to tug on the cord when you're sitting, etc. as the split ring is really sensitive to sideways bending.
Beyond that, there's not much you can do. Introducing the MagSafe adapter was one of Apple's better moves, I think, as those old-style ones just were prone to failing.
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