I knit and have knit socks, which are actually a fast and enjoyable project. I would be willing to darn (or otherwise repair) handknit socks, which took a bit of money and time to create.
But for normal, everyday socks, I buy multipacks (usually 2 or 3 packs at a time) of white crew socks for each person in our family. When one sock gets a hole, I throw it out, knowing we have a lot of socks that the odd one will match. Heck, I don't even match up socks out of the laundry, because if you pull two socks out of your drawer, the odds are pretty high they'll be the same style and color.
About once a year, the remaining socks will be getting worn enough that I buy 2-3 new packs and toss ALL of the old ones.