This happened to a Bell 412 in 2006, operating in the oil fields of the Gulf of Mexico. Its a good clip. The pilot reports he is having trouble controlling the helo.
A little brief on what happens: Although I'm not completely sure this is the equivalent term in English, I believe that he reports that the cyclic is responding, but the collective is not. All his fellow pilots immediately come on freq. for moral support - calling him by his first name and all - and ask his position in order to go and rescue him. The pilot reports he's trying to line himself up with a boat ahead (he is flying over the waters of Campeche sound, so I supose his intention was to be close to a boat that could rescue him). The crew managed to land safely in the water, and came out of the ordeal in good shape.
Credits for the audio go to this website:
http://homepage.mac.com/helipilot/PPRuNe/TorredeControl.wavOut of curiosity, anybody know what the procedure is for putting a helicopter down with no collective control ?