I noticed a pin-hole in one of my steering boots on my '91 once. The pin-hole was on the bottom side, allowing a small amount of PS fluid to drip out, which is why I noticed it. Realizing it would require a split boot (if they exist), I decided to just rotate the boot so the pinhole was on top. I had to loosen the clamps to do this. I cleaned the boot and put some tape on there, but am not counting on it to hold. This stopped the leak, and I don't think it's worth replacing the boot on my car. May be the same for you, depending on how bad the rip is.
I don't know too much about steering systems, but basically its ripped in such a way that its no longer stretched correct across the rack.