Boiler Failures - Preparedness

The thread about the Cuban boiler failure and an earlier one about operating 'museum pieces' reminded me alot of a pilot friend who flew an F4U corsair in 'Unlimited' race competition.
During a race, one of the radial heads disintegrated and blew most of the cowling away, spraying oil across his canopy and 50 foot flames down the fuselage. Using his speed and the excellent flight characteristics of the Corsair, he managed to climb to bail-out altitude where he and his dream parted company. Aside from the loss of his plane, he managed to only break his leg!
I guess my question really concerns the safe operation of 'old' steam equipment. I know that there are inspections and standards and metalurgical considerations but can anyone really 'safely' operate this type of equipment?
My friend loved his plane (he's now got another F4U) and operating it was a thrill to watch, and from his perspective a thrill to fly. While I put myself in the 'run it so we can enjoy it' camp, I hope none of our friends here on the operation side of this hobby ever experience firsthand what happened to that Cuban engine.
Please tell me y'all practice 'safety first'!