Like I said, for this interested in what a falling elevator -might- be like, check out Red Mars by K.S. Robinson.
"The cable itself was pretty much impervious, it's graphite whisker with a diamond sponge-mesh gel double-helixed into it, and they've got smart pebble defense stations every hundred kilometers, and security on the cars was that was intense. So Arkady suggested we work on Clarke itself. See, the cable goes right through the rock to the factories in the interior, and the actual end of it was physically as well as magnetically bonded to the rock of the asteroid. But we landed with a bunch of our robots in a shipment of stuff from orbit, and dug into the interior and placed thermal bombs outside the cable casing, and around the magnetic generator. Then today we set them all off at once, and the rock went liquid at the same time the magnets were interrupted, and you know Clarke is going like a bullet, so it slipped right off the cable end just like that! (589-590)
It's burning from top to bottom! Like this white line cutting the sky in half! I've never seen anything like it. I've still got afterimages in my vision, they're bright green. It was like a shooting star had stretched... (592)