This wont be the only time your soldering iron fails and if you don't have (or have access to) a backup iron, you probably cant repair it cheaply.
[McGyver] I make cheap soldering gun bits by taking a length of thick solid copper wire, forming it into a hairpin bend, hammering the sides of the bend to flatten it to about 1/2 thickness then filing a diagonal flat on the tip of the bend, reducing the width of the copper at the bend by about 1/3. The narrow part of the bit forms a hot-spot when you pass enough current through it, which easily reaches soldering temperatures.
They work nicely for rough jobs I don't want to ruin a genuine Weller 100W gun bit on.
Mount a ceramic body terminal block (or other heat resistant connector that you can assemble without soldering) on a wooden handle to hold the home made bit and you'll have something usable. It needs a high current at a very low voltage, so butcher a transformer to keep the mains primary and wind a few turns of heavy stranded insulated wire through the core for a secondary. The stranded wire CSA needs to be double the solid wire CSA to make sure most of the dissipation is in the tip.
Start with a single turn and add turns till you get the desired tip temperature while monitoring the primary current to ensure you aren't exceeding the transformer's VA rating. I'd start with at least a 100VA transformer as that's the typical gun rating.
Fit a big-ass button switch in the primary circuit rigged as a foot switch to let you blip the power on/off to control the bit temperature. For extra geek creds, wind another secondary of fine wire with enough turns to run a white LED for a tip light!
Done right, with some attention to fit & finish, it will be usable enough to be worth keeping for occasions when you need to dump a *LOT* of heat into a joint quickly. Gun type irons that use this type of bit are never going to be desirable for SMD work, but once you have a bit of practice controlling the temperature by blipping the switch, you'd be surprised how small and delicate a joint you can actually use them for. [/Mcgyver]
Alternatively and more sensibly, as a backup iron, I suggest a gas powered Portasol:
http://www.portasol.co.uk/catalog/product_info.php?cPath=24&products_id=33Pocket sized and safe to put in your pocket even immediately after use due to its cap, its amazingly capable for the price. Its adjustable with an equivalent power level from 10W to 60W. Every tekky who ever does field work should have a gas iron, and the Portasol is a particularly nice one that you can use all day with confidance.