I bought a new pse fireflight 33, I don't like my peep on my hoyt, so the first thing i did was take it home, and draw back, and have my friend pop it out, it came out pretty darn easy because it wasn't set into place yet, so then i decided to put it back in, i sepereted the strands enough with my fingers to get a little gap in between to start the peep, and put it back into place, but then took it out again which is how it will stay, do you think i hurt the string?...should i get it replaced, it looks normal, and there are no freys or anything, probably just paranoid, but should it be alright?...there is no visible damage.

I don't know. I usually don't like to take chances with my equipment and you know Murphy's Law. At the very least, take it to your nearest archery shop and get it looked at. Maybe purchase an extra string.

what happens if the string does break?...will the cable hold it?...or will the limbs let loose?

Unless you cut a couple strands your string will be fine. They are made to handle alot of pressure. If a bow string was that weak from some peep changing I don't think you could ever shoot it to begin with! I learned the hard way just before season, when I accidentally cut 3 strands on my string, and was told I'd have to replace it. Just be sure to keep it waxed up good, so it doesn't dry out, and to protect it from the elements.

You should be Ok unless you can visibly see a broken strand. I used to do it that way all the time. Since then I've found that if I can separate the strands enough to insert a peep then there are not enough twists in the string, which is pretty common for a factory installed string.

Drawing the bow and holding it while someone else does it is a cool idea. At full draw there is very little tension on the string.

If there are no cut strands or significant fraying, it's as good as it was before you changed out the peep.

However, be careful about changing peeps. Some peeps have sharp edges that will cut strands. I've had to replace two strings because of this.