Tearing through the Gulf of Mexico on a fast track towards the nation's fourth largest city, Hurricane Ike is picking up strength as it prepares slam into Texas and leave a trail of devastation.

Nearing the Texas shores this morning, Hurricane Ike's first victim was a 584-foot bulk freighter with 22 people onboard that broke down in the path of the storm. Ike, which was a Category 2 storm at the time with 105mph winds, made a rescue by ship impossible. The Coast Guard's only option for rescue is by helicopter, which itself poses many risks due to the strong winds. The Coast Guard is weighing its response options, and have thus far declined to name the ship or where it was headed.

The eye of the storm is forecasted to hit somewhere near Galveston, Texas late Friday, but has already begun hammering Texas and Louisana. The National Weather Service warned residents of smaller structures in Galveston, who've been ordered to evacuate, that they could "face certain death" if they stay behind.

Low-lying areas of the Houston area were also under evacuation orders, where authorities urged homeowners to clear deck of furniture, board up windows, and stock up on water and non-perishable food. Officials are warning residents here, however, to brace for the storm rather than flee.

Authorities in the Houston area have said that residents should not hit the roadways en masse, creating the same traffic gridlock that cost many lives in 2005 when Hurricane Rita threatened Houston. 110 people died on the roadways trying to evacuate, versus the 9 who died in the storm.

Houston Mayor Bill White said of the storm: "It will be, in candor, something that people will be scared of. A number of people in this community have not experienced the magnitude of these winds."

Because the path of the storm wasn't clear until just 48 hours before, many areas were faced with the difficult decision of either attempting evacuations, or telling their residents to dig in and ride out the storm. Because of the lessons learned from the evacuations in 2005, many have decided to wait out the storms at home. Low-lying communities and those on the direct path of the storm began being evacuated Thursday.

Randy Smith, a police chief and waterfront property owner on Surfside Beach, which is located just down the coast from Galveston, said: "I don't have a crystal ball, but if I did, I think it would tell me a sad story. And that story would be that we're faced with devastation of a catastrophic range. I think we're going to see a storm like most of us haven't seen."

If Ike hits as expected, it would be the first major hurricane to hit a US metropolitan area since Katrina devastated New Orleans three years ago. For the city of Houston, it would be the first major hurricane since Alicia struck in August 1983. Alicia came ashore on Galveston Island, killing 21, and causing more than $2 billion in damage.

Ike is massive in size, and may cause significant damage in areas that don't get a direct hit. Because of the storm's size and shallow Texas coastal waters, forecasters warn it could produce a surge of 20 feet and waves of up to 50 feet. It may also dump more than 10 inches of rain on the city.

Hurricane warnings are currently in effect over a 400-mile stretch of coastline from south of Corpus Christi to Morgan City, Louisiana. As of 8am ET Friday, Ike was centered 230 miles southeast of Galveston, moving west-northwest at 13mph. Maximum sustained winds were at 105mph, making it a Category 2 storm.

The oil and gas industry is also bracing for the impact, as the storm appears headed straight for the country's largest complex of refineries and petrochemical plans. 1/5 of US refining capacity is accounted for on the upper Texas coast.

As residents snap up batteries, flashlights, food, water, and other items they'll need to survive the ominous storm, Texas Governor Rick Perry warned: "It's a big storm. I cannot overemphasize the danger that is facing us. It's going to do some substantial damage. It's going to knock out power. It's going to cause massive flooding."