The developments of this thread is that as of yesterday we sailed the cat in 3 foots waves and 11 knot winds with no problem. I asked a local sailing guru, Mike Rosati, and he showed me his Getaway and the sleeves looked exactly like mine. The most important part is that the rivets under the crossbar connected to the hull is still intact and not compromised. The loud noise did come from the suspect sleeve but not to the point that it made it inoperable. It's probably caused by one of my guys tightening the trampoline (lenghtwise) too much. So we loosened it up a bit to decrease the tension on the crossbar.

Matt still wants me to take a picture of the interior of the crossbar connecting to the sleeve. We'll probably do that today and I'll let you guys know what happens.