Venting is actually Not a violent event and is quite different from a battery in thermal runaway.
Venting will just release the excess gas and pressure that has built up due to being discharged too hard, i.e., the battery has gotten too hot. There"s no bursting of the battery, just a spraying of hot liquid and gas a ways from the top of the battery at the worst. Even a single hole in the mod can vent these gases safely. The liquid is toxic though and should be cleaned out immediately. Once venting has occurred, recycle the battery. It is no longer safe to use.
Thermal runaway is a whole different story. It is a extremely violent event and can cause the battery to burst if the temperature in the battery rises so fast that the thermal runaway threshold temperature is reached before the battery can vent. The battery bursts and can even ignite the solvent used in the electrolyte, causing a fireball. This fire is common in LiPo runaway and can occasionally happen with an INR battery. It is almost unheard of with IMR batteries.
If the gases generated during thermal runaway aren't let out quickly enough then the mod has essentially become a pipe bomb...and it explodex. The problem is that anything short of having the entire side panel of the mod off won't vent these gases quickly enough. Most tube mods have holes to handle battery venting, not runaway.
@Johntacomo, don't worry though. It's incredibly hard to bring a battery into thermal runaway without short-circuiting it. And that's just about impossible with a regulated mod since the coil is connected to the regulator, not the battery. It's in mechanical mods that a shorted battery can, and has, caused real problems. It's even very, very hard to get the internal battery in a regulated mod to vent. The regulator board usually overheats before the battery does and shuts down.