Can I use 24 gauge speaker cable?

@jsd52756 This is exactly my thinking. I'm a contractor and I know if you are going to run any kind of power equipment over any distance from the power source you want to have a heavier gauge extension cord. If you don't you'll not only not have enough power you will burn out your saw or whatever it is in a short period of time. A lighter cord will get much warmer as well. I can only imagine the possible damage to both speaker and amp over several years.

@williewonka Excellent response and explanation. I've bought cheap wire before and have upgraded to something much better but have never really understood most of the aspects you describe. This clarifies some of the things I've suspected. I did spend quite a bit more moolah but some of the cables are way outside my budget. Some of them are way outside most peoples budget. Finding  audiophile class wiring at prices the average consumer can afford is difficult.  I would imagine too that the amount of money you spend would be commensurate with the system it's being applied to. No sense in spending a fortune on boutique speaker cables for a Walmart stereo in other words.