A shoe in the hand is worth 2 in the bush?

[M&M Guy]

Ok, here's something I saw near the end of last night's Cincinnati/Xavier game (well, at least what I saw of the game in between showing every possible camera angle of Bob Huggins in the stands... )

Rebound by Cincy under Xavier's basket, Xavier player loses his shoe - I believe it was just stepped on by another player. Player picks up his shoe, and goes on down the court to play defense, because he doesn't want to stop and put it back on and leave his teammates with 4 on defense. Gets back on defense, and almost knocks the ball away with the shoe in his hand! In fact, he's right next to the Cincy player as a teammate ties up the Cincy player for a held ball.

Let's say he would've knocked the ball away with the shoe - violation? Or play on? If violation, which rule applies? I just want to get right to the heart and sole of the matter.