re: What does fixing a busted water pipe entail?

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Legally, is there anything required of the landlord?

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None of this is legal advice.

Now that we have that out of the way, Mississippi's Residential Landlord-Tenant Act requires that landlords "[m]aintain the dwelling unit, its plumbing, heating, and/or cooling system, in substantially the same condition as at the inception of the lease, reasonable wear and tear excluded" unless the damage was caused by the tenant (either negligently or deliberately).

It sounds like your landlord is going to fix your problem. You have a remedy if he won't fix it, but it's not a great one because you have to live with the problem for a while. If he gives you the impression that he won't fix the pipe, send him written notice of the problem. I know that seems dumb, since he already knows about it, but the written notice is to CYA. If he hasn't fixed it within thirty days after he receives your written notice, you can fix it yourself or have someone else fix it. Then, you can deduct the costs of the repairs from your monthly rent (only up to one month's rent, though).