Serious cat wound. I need advice. ASAP

I have a kitty named Velcrow, about 5 days ago now he came home with a giant scab on his chest. it eventually came off weather it was him licking it or fighting with other cats I dont know..
but its a gaping wound. it is round and all layers of skin are gone, it hasent been bleeding at all, until about 10 minutes ago. not badlly.
its a gaping hole and the other day he was sitting looking up at me and it was literly hanging open at the bottom..
he seems fine. begging for food, jumping around and stuff, I cant get him to rest.
-i will eventualy take him to the vet if I see no progress in the healing.-
until then do I cover it? use any kind of antibacterial product? creams, vitamin E? ect.. I have never treated any of my cat's wounds but this is in need of it.
there is not one layer of skin left.
any help of advice would be greatly appreciated. I love him to death. I dont want anything to happen to my kitty.

Sounds like the wound needs stitches. I'd get him to a vet as soon as you can.

If that is impossible, see if you can make a butterfly bandage and put it on the wound in the mean time. You may need to shave around it. The most challenging thing will be to get him to be still long enough.

http://www.howcast.com/videos/292-How-To-Make-a-Butterfly-Bandage

Cat wound care:
http://www.cat-health-guide.org/catwoundcare.html