Now I ask you...what would you have done if that happened at sixty feet? Thirty feet?
I, too, have had this happen on the boat prior to getting into the water, but not at depth. I think I would proceed similarly whether at 30' or 60'. I'm assuming an OW scenario and a boat dive, since that is my typical dive.
I imagine there would be a lot of noise/bubbles, and I think I would immediately suspect something wrong with my tank valve or first stage. I would get my buddy's attention and have him/her check it out. I'm not sure if I would begin to share buddy's air right away or not -- I'm not sure how quickly gas is lost at depth in this situation. Presuming it's pretty rapid, I would begin to share my buddy's air.
Given how nerve-wracking the noise and bubbles of a free-flow were, I think I would then ask my buddy to shut off my tank valve, to keep the noise and stress down (also, maybe this would keep water out of the tank). (But I'm open to changing my mind on this as others contribute to the thread.)
I think then that we would initiate an ascent, but whether we went directly to the surface or not might depend on the dive site and the state of our gas supply. If there were a fair bit of boat traffic and/or the surface was very choppy, we were not right near the boat,
and we had plenty of gas - then I could see continuing to air share and ascending from depth but not all the way to the surface, then continuing to the boat at a shallow depth.