Whenever I do this, I add another can or two of beans + diced tomatoes, if I have them on hand. I don't suggest lots of water or you'll end up with a soupy mess (in my experience!). Also, add 1 teaspoon of sugar and it cuts down on the spiciness tons!
I always add a bit of sugar to my spaghetti sauce & it makes for a VERY savory, yummy dish!
Don't throw it out! Its still salvagable! =)
PS The potatoe trick works, but it mainly only absorbs SALT -- not spices! It will cut down on the salty part, but sugar will be the thing to tone it down..
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