Ted, I feel your pain!
I got my AXE CP working again, if only for 15 minutes, yesterday (9-21-07). Got home and was hovering nice, no training gear, when I saw smoke flowing from main motor (I didn't remember adding a smoker to the AXE, cool effect though), landed and switched it OFF (I added a switch). Motor was toasted!!!
I had a spare 380 motor, made a pinion gear puller at work this morning. Pulled pinion off toasted motor, cut shaft 1/8" shorter on new motor & pressed on pinion, smeared heat-sink with compound & snapped on vented HS. Drove home, installed motor, plugged in battery & NOTHING[:@]! Servos just twitched, get that cooked electrical componet smell from the E-board[]! Now what?!
Should I spend the $75 bucks on a replacement E-board (and add fuse protection to the main), or could I get away with just another ESC for the main? I'm not using the tailmotor ESC or mixer, that's what the GY240 & C-12 ESC are for right?
So I guess were in the same boat, at least you've got your Air Hog to keep you occupied! I'm gonna have to use my imagination, maybe hang it off a piece of fishing line, make RRRRRRRRRRRRR noise, and keep my neighbors wondering!

Rick