Here 'bust the take' means to somehow destroy the take (the piece of filmed interview) so they (the television or radio crew) cannot use it. I guess this could be simply stopping talking, which looks silly on camera so won't be used. Instead they will begin a new take and you have chance to say what you really meant to say in the first take.
New words, one handy idiom, and a 2-minute quiz — delivered to your inbox to keep your streak alive.