We had the outer pane shatter on a B737 one night at FL330. The captain initiated an emergency descent and went on oxygen. I got a descent clearance and turned the windshield heat off to get rid of the arcing. I got out the check list and since the heat was already off for outer pane the only restriction was 250 knots below 10,000 ft. Doing absolutely nothing but getting out the check list was the way it should have been handled. At least we didn't tear up the airplane.