NO!!!! Dumping it would be a travesty! Leave the airlock off and install a blowoff tube. Check out www.howtobrew.com for detailed instructions on how to do this.
It's a blow off and for me it happens maybe 25% of the tie once my basement heats up to over 65 (July).
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Grinders Island Brewery - Pipeline (Batch #)
Primary #1 Hair of the Arm West Coast Blaster - don't ask(89)
Next up - Award winning Dbl Chocolate Stout Batch #4 (90) On deck - Zythos Pale Ale(91) and then Weizenbock(92)