All of your comments are good, but personly what I would do- did do- is just stand there realising my awesome 5 story manson was burning and I jump out of my top floor bedroom window, thus killing myself. Should of got the water buckets, but oh well.
Try to put the fire out, salvage the valuables, and find a new home. You could always try to repair it, but why repair something to go back to what you had before when you could build something new and even more impressive? I also have a feeling that I'd tear down whatever didn't burn away - just because I like natural landscapes. I hate seeing destroyed buildings laying around.
I would probably just build a new house. Minecraft's pretty big on building things, so I wouldn't mind if I had to work on another project. As far as the items lost, well, that would sadden me a little, but not overly so.
Water buckets aren't actually all that great a way to put out fire in Minecraft... they make a big mess and flow in a near-useless way most of the time. Soooo I just kick the fire to death with an option of epic rage depending on how much of my house burned and if I remember exactly how it was put together or not.
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"Sometimes, I just wanna give up, say 'I'm done with this mess' and go to bed. But you know what; you can't shrug off your responsibilities. You got to pull yourself up and meet the challenges head on. That's the only way you're gonna get ahead in life."