Exorcism (For those sticking around after the rescue)
Pike thought that was it. He had almost let himself feel relief. All that was left at this point was the questioning, which would be brief considering he was going to be there for it and he was slowly bleeding out, and the exorcism itself. Then would come the task of getting Faith checked out by a doctor for any injuries, Pike was especially concerned about any internal damage the demon might have done before this, and then getting her back to the motel so that she could wake up somewhere familiar.
There was also some very vague notion of getting his own injuries looked at, but he was more concerned with Faith. That was the sort of guy he was, he was bleeding out and he was still more worried about other people. It probably said a little more about his psyche than he realized it did. He scooped up his flask of holy water from where it had fallen earlier in the fight before heading into the room, intending to let Sam get started.
And then the demon pulled a knife.
Son of a bitch! Vacation. When she was feeling up to it, Pike was going to grab Faith and take her to the Caribbean. Although he supposed it would be their luck to run into some voodoo bullshit down there, or a haunted hotel or something. He squeezed his eyes shut for a second, knowing what he had to do and mentally preparing himself for the potential consequences.
Then he whipped the holy water flask out in a sweeping motion, taking care to watch his aim so Spike didn't get hit. He was aiming for the knife hand, and his aim was good enough that he didn't doubt he'd hit it, especially with the sweeping arc he'd used. He was hoping she'd drop the knife, but if it didn't go far enough to carry it out of the trap, he'd dart in, or if it was close enough, reach in and snatch it out. And if it went wrong, hopefully Faith would still love a one-armed man. Though he was really hoping that wouldn't be an issue.