There are a number of simple things to do in the event of a burst pipe.
The first thing to do when the problem is detected would be to turn off the water supply. If there is not close shut off valve, then the water for the entire house should be turned off.
Once the water is turned off, any standing water needs to be removed. This is especially important if the leak occurred in a living area. Water can easily and quickly find it's way through floors and walls. Getting the water up quickly will help to ensure there is no long term damage.
Finally, the pipe needs to be repaired or replaced. Depending on the location of the burst pipe, one small section may need replacement. In some cases, it is best to replace entire sections of pipe. If unfamiliar with how to remove and install new pipe properly, it is always best to seek out the advice of a licensed plumber. They will be able to make recommendations and perform the work needed.
With a few simple steps, a burst pipe can be quickly and easily fixed.