help!

My new employer:
"Yo Patrick,
What gives? Are you still alive or what? Give me a call or let me know when a good time is for me to call you to discuss the program."

Me
"urgh..."

I've been contracted to do some database work and I'm very tempted to flake out on him. Not necessarily good business tactics, but I'm wearing a little thin here. Maybe you could help me decide?

Pros
A wad of money could be mine
My professional ethic will be satisfied
Much material satisfaction could be had from my huge wad o' cash.

Cons
I may fail.
I might not deliver in reasonable time.
I might succeed only to fail in my classes or on my Master's project.
This project may be drawn out interminably.
I could go insane (unlikely)
I might start gibbering to myself non-sensically (very likely any time now)

What should I do?.... I mean its a wad of money! At first I offered an exorbitant $50/hr price to dissuade him. Then the crafty bugger offers me a huge lump sum to build and support the database. For how long one might be tempted to ask? BIG WAD of money long, would probably be the answer!