Tree help needed - stress setting in!

Quick Monday post but Pete and I need some help.  

We bought a REAL tree this Christmas our first one and it was a beauty.  Picked it up on Friday evening and had it in water, straight and everything Friday late night after my class.  The bottom had been cut and we were ready for it to SUCK up that water just like everyone has been telling me.  The tree guy even said 1-2 gallons of water.

We woke up Sat morning and maybe 3/4 of an inch of water was gone.  We decorated the tree Sat afternoon and still not much water was gone.  Sat night we got some advice to drill some holes in the trunk so we did that around midnight on Sat night.

Woke up Sunday and nada.  Maybe another 3/4 of an inch.

Now we both have tree stress.  We have googled on what to try if your tree isn't drinking and taking all the ornaments off and cutting more off the bottom isn't high on the list.  The top branches seem like they are discolouring and feel very dry.

So what if anything can anyone suggest AND if the top is drying out and if we finally get this tree to drink is there anything we can do to revive it??

Gotta love tonight's dinner time quote from Andrew - "First real tree aaaannnddd probably our last."  

Help us :(

Cheers, 
K