Thanks again everyone! It's amazing how "just a cut" can turn into a huge, painful and expensive ordeal!
Luckily, my mare is showing HUGE improvement. The swelling has gone down about 80% and she's walking a lot better on it. It's also draining a lot, which is a good sign. We're hoping that we got lucky and missed the tendon sheath/joint. It's almost on the point of her hock, just to the side a little bit so not in a place that you could wrap efficiently. I've just been cleaning, cold hosing and re-medicating twice a day. This is my first time working with this vet, and I think he's been fantastic. Coming out everyday, really being honest and explaining things to me and he's not one of those "rushy" types. He seems to really care that she's getting better, and not just out for the money either!
I know one thing though, I will never again assume something isn't "as bad as it looks!" I'm just glad we're on the positive path!
I'm in the process of rehabbing my QH gelding for the same issue. When he first came up to eat, the only thing I noticed was that his hind leg was the size of a steam pipe. The wound did not look that bad, but because of the swelling and the fact that it was dirty, I called my vet out. Once we got him cleaned up we realized how bad it really was. He sliced it in a large upside down V and it was nasty - shredded his superficial & DDFT, nicking his tendon sheath. Our main concern was infection settling in. We immediately cleaned it out, flushed it with antibiotics, wrapped it and he was put on 5 days worth of heavy duty IV antibiotics (Gentamicin and another that I can't remember for some reason?) & Banamine before switching him to oral antibiotics & bute for another few weeks. We just ultrasounded him 3 weeks ago and he's healing really well, thankfully! The tendons are coming together and his swelling is almost completely gone besides being slightly stocked up from stall rest. He's still wrapped (his injured leg and the other for support) daily and he's still on stall rest for another week or so before I will start slowly hand walking him. It's been a loooong 4 months of care, wrapping, vet bills, etc.. but my vet thinks he will come back very close to 100%. She said what helped the most was treating it aggressively from the start, which is very important when a tendon sheath is involved. Lots of good care, lots of time and lots of patience. Best of luck to you too! It's heartbreaking to see them injured