Columbo, if the sac is clear, not red, you can easily pop it. Here is how it goes....
Prepare a bucket, filled with tank water, have a thin needle ready, as well as a small amount of store bought hydrogen peroxide, as well as a cotton swab and an antibacterial cream.
Get the fish out of the tank, hold him gently, but firm over the bucket (in case he slips your fingers, he will not land on the floor

. If you are right handed, hold him with your right hand, and vice versa.
Now get the needle and pop the sac open. The fluid inside will run out. The bucket comes in handy again, since whatever fluid is in the sac will not run back into the tank that way, it will go into the bucket, and not infest your tank further.
Now, dab the cotton swab with peroxide and swipe the area around the popped area. Then apply a small amount of antibacterial cream on it, and you are done! The cream will prevent bacteria to enter the fishes body where the opening of the sac is. The fish can go back into his tank now. If a bit from the cream should come off in the tank, don't worry, it doesn't harm the fish at all.
Having medicated food around and feed it to the fish for 14 days is not a bad idea either. You can get a very good brand, Medigold, from Goldfishconnection.com. Or you can look at your local fish store for a product called Kanacyn, its also medicated, and all you have to do is soak your regular fish food in it for a few minutes and feed it to the fish. Prepare a new batch like that every day, don't use soaked food from the day befor.
Let us know how the fish is doing!....