In short, you're dead...well, maybe
SV had a very nasty incident some years ago, Old Smokey, wherein an -SP departing at MTOW ex-JED suffered an uncontained failure of number two at two hundred AGL, bits of which entered number one, and lit up the number one fire handle.
The F/E, thinking he was doing OK (but clearly was not) pulled the number one fire pull handle...and presto, two engines at 400 agl.
I knew the Captain quite well, and he managed to descend slightly, clean up, and climb very slowly, dump, and return for landing.
Crew co-ordination went out the window, but nonetheless, all survived.
They were very lucky.