BMW Repair: catalytic converter, bmw 318i, street drag

Question
my 85 bmw 318i hasn't started since it stalled in an intersection after I gave it too much gas and popped the clutch in an attempted street drag with the car next to me.  the catalytic converter has been rattling and gave me problems early in the morning when it was cold, but now all I get is a popping noise in that region. It started barely when i had the accelerator floored.  what will happen if I cut off the pipe itself?  i don't want to spend $300 on a converter if I don't have to.  Thanks  

Answer
it could be an exhaust leak or it colud be the material inside the converter breaking up and rattling around. it could also be the heat shield that goes around the converter. if you are considering cutting the converter out, don't. if you get caught, it is a heavy fine if you get caught. more than the cost of a new converter