2) clean everything up, remove the cap, and if there is no other damage (such as burnt traces, other swollen caps, or cracked resistors) try turning it on. I give you a 60% chance that it will boot and operate just fine without that capacitor if there's no other issues. (please double-check your wiring polarity first)
I think this is a good idea, as long as your around to monitor it for a while....
Again, mine with 2 of those capacitors missing, in a different location, runs fine.
There was a "common sense" fire safety thread I contributed to a while ago, but cant seem to find it.
90% of the time turning the power off (away from the fire, like at the breaker) will extinguish any electrical fire quickly, assuming you are there when it starts.
Clean it up, inspect it and if all else looks OK give it a shot (with your hand on the breaker
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