You absolutely can use your own headphones with Vive's audio jack, however, as you might have noticed, there's no port for an extra microphone. Ultimately, if you want to use your own microphone, you'll need to connect it via USB.
"Welcome to the desert of the real."
If your base station has a Fault 02/03 error or a red light or both, the ONLY solution is to contact our support on vive.com and set up an RMA. There is no user fix for this issue.
@nothingfin - While the short breakout cable is TRRS, the actual port on the HMD itself is only TRS so you won't be able to piggyback headset's microphone off of the audio jack. As @Synthesis stated, a bluetooth or USB solution is the easiest route.
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