@Jim Kelly for the WIN!
I agree totally. Why do you think racecars are REQUIRED to have a fire bottle(approved and stamped and regulated!) installed?
Because when the crap hits the fan, all you need to do is pull the lever.
I've posted the same sentiments as Jim, Stan, and Alan. An extinguisher MAY help. A Blazecut might.
But a 5 or 10 pound fire bottle WILL extinguish the flames. It's a good idea to have an extinguisher handy, just in case of re-ignition. That's why every corner worker has one. But the fire bottle is primary. The best part? No danger of getting burned opening a lid and introducing MORE oxygen.