I don't think ripping it out is going to do you any good. Unless I'm mistaken, the immobiliser is actually built into the ECU.
I had similar problems over a year ago, when my valver just wouldn't start. I called an auto electrician out, who confirmed that the immobiliser was knackered, but was not fixable on it's own, and that I needed to replace the ECU.
Fingers crossed for you that it isn't that, as it cost me best part of 200 notes sourcing one that didn't need the chip from the key to work.