Back in the earliest days of my flight training in San Diego (Gillespie Field, ksee) at about three hours of training, doing touch and goes, my instructor suddenly yelled (in his VERY thick ex German air force accent) OH MINE GOD!YOUR ENGINE HAF JUST GONE CAPUT!!!! VAT EVER ARE YOU GOINK TO DO????? (John Pitkin might remember Wolfgang Schmidt) And he pulled the throttle back. We were on down wind abeam the numbers so I grabbed the mic. and told the tower I was doing a simulated engine out and was turning base to final NOW. Before the tower could reply I had slipped to loose altitude and was lining up for final. I know now that a slip might not have been the brightest thing to do but it worked out ok for me at that time.
We landed and taxied to the tie down and went inside for the briefing.
Wolfgang (my instructor) asked why I did the slip and abbreviated pattern.
I reminded him of the stearman that had done the same maneuver the previous week at brown field because he blew a jug on the 45 to land. His reply was something about how many hours that man had behind the stick and his military experience back to the "thirty's" and I could have killed us both.
After he quit screaming I calmly said that I knew it was not a real engine out and I simply said on the radio and did what I thought he did. And then I apologized.
I also asked him to teach the correct way to handle the situation but in a real scenario. So the next lesson was spent practicing engine out procedures out near Guy Buchanan's Ramona Ca. homestead. (I soloed in the next lesson) His airport is VERY near some unforgiving cumulous granite (giant boulder mountains). Good place to learn.
I guess my point to all this drivel is if you practice what we were all taught and remain calm the outcome should be better than what your fears are trying to scare you with. If you are always thinking about what the crash is going to be like you will never truly have fun flying.
I have been behind or in front of an engine since I was 10 years old, 54 years ago, and have crashed minibikes, dune buggy's, motor cycles, cars,18 wheeler,...... and of course an airplane.
It doesn't matter what engine you have, what aircraft you are flying or falling out of the sky with, try to remain calm, remember your training, and fly the plane as long as possible.

Steve