Carpentry and Woodworking - need repair idea for cabinet

We have one corner of our laminate covered pressboard kitchen cabinets which has gotten wet at one point in time and has expanded and cracked and it looks horrible. I dont want to have to replace the entire kitchen counters because of this if it can be repaired but i need some ideas. here are some links pointing to digital pics of what i have to repair. i dont know how easy it might be to relaminate them. any ideas would be appreciated.

http://members.shaw.ca/markoneil/counter/corner1.jpg
http://members.shaw.ca/markoneil/counter/corner2.jpg
http://members.shaw.ca/markoneil/counter/corner3.jpg
http://members.shaw.ca/markoneil/counter/corner4.jpg

Yup, water + particleboard= weeping and wailing and gnashing of teeth. I hate particleboard, whoever had the idea of using it in kitchens the first time should have been lynched and burned at the steak. I build cabinets every day of my life (well, not weekends) and only use particleboard in places where there is 0% chance of water. Makes a good substrate for laminate desktops and a few other things, but personally I could do without it, but I don't make those decisions in the cabinet shop.

As far as replacing, you can try to relaminate over it but you'll have to be very, very artful with the bondo to fill in where the board's been damaged, and in no time flat you may well be back to square one with another spot getting wet.

Sorry, I wish I had a better idea for you!

Could you hide it with base board?