Originally posted by Tele Master
... I retuned it(specifically the B string) and not 2 seconds later, the string dropped about 3 octaves...

3 octaves??!!!!

If this is just happening one the B string, I suspect the string is slipping on the tuning peg. If the string is wrapped across itself, but it has broken, or come out of the hole in the peg, it might behave the way you describe.