"Anyway to stop it from shooting everywhere?" Lol, duct tape?!? Seriously, if its coming out the vent tube, you could try capping or clamping it. Try using a mirror while its running to pinpoint the exact leak spot and you will probably be able to tell pretty quick if you can seal it or not.
That being said, lets say that any one of a number of evil scenarios has taken place and that particular cylinder has in fact lost its ability to maintain proper compression, I wouldn't run that machine any more than was necessary to get it onto a trailer, and back off again into a shop. The fact that it will run on only 2 cylinders does not mean it is wise to do so, since the metal fragments that were formerly part of the now non-functioning cylinder are slowly (or worse yet, quickly) making thier way around your engine, galling up everything that is near and dear to your motor.
The good news is that I have yet to spend $5,500 on rebuilding a motor of this size. If you have the mechanical aptitude to pull, teardown, reassemble, and reinstall yourself, you should be able to cut that cost down to half that $5,500 or less, assuming you can save the major components like block, crank, and head. Last motor like this I did was $1200 for parts including new connecting rods and pistons, and my machining bill was less than $500.00. I don't fully remember, but I think it was in the $200 - $300 range.