You are sailing a Cheetah 30 downwind in the
trades.

Specs of the boat.
http://www.bana.com/cheetah/c30spec.htm

Conditions. 35 knot winds, 15' seas 15 seconds apart.

You have an asmmetric up and full main hauling ass
when your main starts coming apart. You do not
have a spare main.

What steps should you take next?

What should you not do? (i.e. you should have one
big concern--what is it?)