Originally Posted by r-dub
If it is indeed that worn, it's better (safer) to replace nothing than just a chain. If you replace just the chain, I guarantee you'll toss it on that ride, probably within 2 blocks. If you haven't tossed the chain yet with your current setup, remove a link, reposition your wheel, and replace everything as soon as you can.
This is the route I have taken. Many thanks to everyone that gave their input.