I've had this happen... not on a HD, but on an old Honda CB550, in the worst possible conditions: Light mist of rain, rush hour traffic, at highway speeds.
I heard what sounded like a gunshot, then it started "tank slapping." Fortunately the cagers were paying attention and backed off. I eased off the throttle, then pulled the clutch and let it coast to a stop, nursing it over to the shoulder. It could have been VERY bad. I was very lucky.
Front tire blowouts leave you with almost no directional control. They're bad. If you have one, don't do ANYTHING abrupt, and don't panic. Ease off the throttle, or pull in the clutch... and ride it out, GENTLY. Don't try to force it to get over "right now." Get it slowed down while concentrating on remaining upright... then start to exert more control once you are moving slowly.
Brad