I'd be worried about cracking/spidering the hull at the tower mounts, but the redneck thing to do would be raise it back up on the lift, toss a chain around that pipe and tower, and then lower the boat back down and see what happens. Just hope that pipe doesn't come crashing down into the boat.
Remember, I said redneck thing to do - perhaps not necessarily the "proper" thing to do. But if it were me I'd be grabbing the chain and getting the 'ol iPod video camera revved up to try.
Bummer and good luck getting it sorted.