Trevor, usually it will take a chuck of capital to exercise your options, also you don't know when you will ever recover, you may want to take a look at http://www.optionshouse.com/home/rates/index.jsp they only charge a flat fee of 9.95 no matter how many contracts you buy
Trevor, optionshouse is offering 50 free trades on options for new accounts. You should open an account there to save on some commissions. thats almost 500$ which is a considerable sum if you have a portfolio like me..