New (lack-of-)exhaust note on my '84 5000

[rochow@pixelmagic.com]

I lost the rear muffler today, or rather, I noticed a slight
variation in the rattling racket it makes and found
that it was swinging (against the tank on one side
and the bumper cutout on the other) from its two
hangers. (So I guess I'll continue to laugh at the folks
who lose theirs at speed after not heeding my warning
gestures about it ;)

It now sounds somewhere between a hopped-up
old Camaro and the average Folgers exhaust system; 
the (cat-debris-in-muffler-)rattle is basically gone,
though. (I forget - is there another muffler, or is the cat
the only item besides straight pipe now?)

While I'm also rather clueless about the best (in this
case, cheapest) way to fix it - there is, BTW, only
1/4" of pipe left on the muffler itself, though that
may just be the remains of a thick welding seam -
I really need to know if there is any immediate
danger or risk of further damage associated with 
driving like this for any amount of time.
Does the cat have its own rear hanger, or is it dangling
from on end now the the rear muffler's front hanger isn't
holding it up anymore?

thanks,
-gbr