To some extent I think the possibility of catastrophic failure depends on the stress you're putting on the wheel. If you're 110lbs and only ride on smooth road surfaces, you MIGHT be ok for a little while. If you're in the Clydesdale range with body weight or jump curbs, I'd say you're asking for trouble. If it were me I'd stop riding it now.
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A conclusion is the place where you got tired of thinking. - S. Wright
Favorite rides in the stable: Indy Fab CJ Ti - Colnago MXL - S-Works Roubaix - Habanero Team Issue - Jamis Eclipse carbon/831