Depending on the mileage and year of the car, you should be far off from it being totaled. As much as I hate to admit it I had a similar accident. A couple years ago I moved from a Honda Civic to my 01Z. Well I was new to rear-wheel drive cars, and had only about three months of playing with her before winter hit. Being as I wasn't fortunate enough to have a money tree growing in my back yard this car was all I had. Well, I had my friend in my car with me one day, decided to get cocky around a corner and used around 30% throttle in 2nd. Rear tires broke loose first, then the front; jumped a curb, narrowly missed a fire-hydrant only to slam into a light pole at an estimated 50mph. In the end I was out of a car for a month, and the damages were around $7500-8000. About half of what the insurance rep estimated the cars value to be at. They don't consider totalling it until around 75-80% of the value, and even then they'd rather rape you some more than being out of a customer

Oh, and did the air-bags go off? The dash tacks on another grand, while the air-bags tack on another 2000-3000 in case this helps.
My advice... Talk with the claims adjuster. Tell him that you're rather just have it totalled (your insurance company will actually ask you this), and then buy it back for $3,000 and build it into a beastly drag car.