That, unfortunately, may not have been possible. No shuttle could have launched before they ran out of consumables, and prepping a Soyuz launch would have taken quite a bit of time as well. And even if the empty shuttle makes it down on autopilot, you still have the problem of seven extra astronauts aboard the ISS (if the Shuttle had enough fuel to get to it in the first place!). There was no good way out of the predicament they found themselves in. I don't want to say they were doomed from the moment the foam struck, not knowing the exact fuel load, etc., they had for the mission, but rays of sunshine would have been difficult to find.
You're probably right, but in the interest of "could've, should've, would've" discussion, let's assume the shuttle could have made it safely to the ISS. As far as I remember the ISS keeps a Soyuz docked to it that can be used as an escape pod. I think just one though.. that one could have still been used to evacuate 4 (I think) of the shuttle's crew, meaning 4 less mouths to feed until a rescue vehicle could be sent. Not sure if this would have been feasible, though - I'm by no means an expert and it's easy to be the general once the battle's all over. Just pointing out something that seems to me might have been possible. Considering the complications this would cause, however, it's easy to see why they went ahead and tried to return on-board Columbia, especially considering they didn't have a way of knowing just how serious the problem was.
edit: according to the
wikipedia article, two possible contingencies were possible;
1) The Columbia had plenty of consumables aboard as part of an extended orbiter package, and the Atlantis was already being prepped for a March 1 launch. It was possible to expedite the launch and in theory gain a 5 day window in which to rescue the Columbia crew.
2) An emergency EVA to try and repair the damage was possible in theory.
Interestingly enough, no ISS contingency was mentioned - perhaps the shuttle was unable to reach it after all.