Are you serious?
Every player is a gamble, but Joe Cole is like backing a three-legged donkey in the National.
He is injury prone, he is too old, he is too greedy. But if you look at his history Manager after Manager has failed to give him a regular starting place (at least 4 at Chelsea and two across the Park) which begs the question why?
Part of the reason is he is not good enough consistently and we can not afford to carry a player who will demand to be our highest paid wage earner for half a dozen (and I am being generous) decent performances a season.
Ask any red friends you have got to name two games they have come away from Anfield talking about how good Cole was!
Another reason is he is one of those media darlings, whos every move is hailed as masterful, even if it is
simply to tie up his boot laces as the game passes him by. He benefited from coming through from the Happy Hammers, who many London based Journalist support and had them shine a light on his early promise as they big up the West ham Youth Academy. But in the cold light of day in years to come when he has long since retired people will look back at his career and the likes of Kieron Dyer and ask what they actually did as individuals and be left scratching there heads as to why Clubs threw so much money at average players. Cole is on an individual basis a very lucky man but as a footballer has contributed little to a team or the teams success.
So in answer to your question, no I would not take a gamble on him. It is a mug punters bet and I am sure Moyes know his horses well enough not to throw his money on an over the hill nag!