Eagle,
You are correct that under OBR that a balk is not an immediate dead ball when a pitch is made. Should the batter NOT hit the ball call time and enforce the balk. If the ball is hot and all runners and the batter-runner advance at least one base ignore the balk (This is NOT an award and runners are not 'entitled' to a base).
The batter-runner and runners may advance past one base at their own risk.
Review
http://mlb.mlb.com/mlb/official_info...s/foreword.jsp
Rule 8.05 (m) PENALTY