We were on a race from New Orleans to Gulfport, MS, about 12 years ago on a Cal 36. Going through the Rigolets, I was in the cockpit with the owner, his son (maybe 10 yrs old), and myself. Something (it was a rubber shroud boot) fell into the cockpit, and the son asked "What's that?" (The owner saw it and said "Oh Sh!t!! Everyone duck!!" just as the mast crumbled. It wasn't a gale, but it was blowing, and we fortunately had several guys on board. We cut a few cables, left a few attached, and pulled the mast onto the deck and tied it down.
As Prime Time said, you do what you have to do, and you can't realy plan it out too much, because the situation will always be different. One thing to remember as well, when the mast comes down, there's no longer as much pressure on the rigging as when the sail's up and flying. Basically, you're dead in the water. (I know, it would be a lot of motion in a storm, but still, you don't have the wind filling the sail.)