VictoryMike: Thanks for the suggestion. Funny you bring up mythbusters since I was just thinking about that, what they have is exactly what I need.
OldEngr: Ideally it would need to be reusable, we definitely wouldn't be able to just cut the cable. I would be ok if part of the release was destroyed and then that part was easily replaced i.e. something similar to an explosive bolt, but not explosive. If I understand the second part of your question right, it would need to fully disconnect. I want all of the load off the cable instantaneously.
The application for this is for a catapult that's designed to launch a 3 kg projectile 50 meters. The energy must be stored in a spring. Turns out you need quite a bit of energy and some rather large springs, roughly 3,500 pounds worth. Anyway, we need to be able to compress the springs and then release them quickly. We plan on using a winch/ratchet with a cable/strap to compress the springs, but we haven't found a way to separate the springs from the tether yet. Thus why I'm posting this now. If you desire any more details, let me know.
Also, I found this: http://www.wichard.com/rubrique-Quick_release_snap_shackles-0202040300000000-ME.html
Its made for some sailing application, and it looks like you just pull the string and the shackle releases. But can you tell if it would release under load?