Cracked my exhaust piping~!

[holisticbeatz]

I was driving home after getting off work and 2 blocks before reaching my house, my S14 begins to get really loud and shakey. Then my S14 started sounding really wicked, as if I was running open-headers every time I revved; so thinking quick, I decided to pop the car into neutral and coast my way home on the momentum I had. Luckily I had enough to park the car right into my drive way. I left the car on and opened the hood only to almost get knocked out by the carbon monoxide/exhaust fumes. Then I run towards the back of my car and put my hand up to the muffler tips and felt no pressure.

I let my S14 cool off after 2 hours. Jacked the car up and decided to investigate. Here's what I saw:




So now I'm in a jam.

I'm broke as a joke right now, because I spent most of my money earlier this week on new tie rods and tension rods. I think I'll probably just tow it to a muffler shop and have it welded. However, my question is; would it be ok if I just chopped off that entire part of the exhaust piping and have a new pipe welded on in its place? Like, from where the breakage occured to right before the 2nd O2 sensor (I think that's what it is), just chop that whole thing off and have a straight pipe in it's place welded to the catalyic coverter? Would the check engine light come on if I did that? HELP!!