Was it a pre-cut tree with a stand that has the spike that is driven into the base of the tree? Sounds like it might have already been dried out when they sold it to you. You might be able to get it back into a stand with a base and use the bolts to "repair" the crack.
Something like this. (from google images)
If you don't want to risk the loss of any additional ornaments I would just go with a new tree. I highly recommend going to one of the several live tree farms in the Covington Area or make the drive up a little further north to Steele's Christmas Tree Farm.
Either way, I still would go with Paul's advice.