emmsone,
Fret not, for it can be repaired. Early in my guitar making, I did something very similar, gluing an ebony back onto its ebony sides, using "the rubber band method", with one-too-many rubber bands. I watched in horror as the sides collapsed. I did repair it and it went on to be a fine instrument.
Having the sides buckle at the waist is the most difficult area to fix, but it is doable. (It should also have been the strongest area.) Generally, what I would do to repair it is to create a second, short, partial side that is glued to the interior of the existing side. It does not have to be the same wood type, but is less obvious if it is. Cut and thickness an oversize piece for each side. Bend it to match the interior of the existing sides, trim it to fit, then glue it to the interior, using appropriate gluing cauls that will both flatten the existing sides and clamp it to the second side. At the same time, apply glue to the crack. Use wax paper, or similar, to ensure you don't glue the cauls to the sides. (This is made much easier if using a traditional outside mold, since you have ready-made exterior cauls.)
It is a bit of work, for sure, but it can be saved. Soldier onwards. It's just a minor setback.
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