Repair/replace waste pipe

Have this damaged waste pipe. Pipe was so old that when I attempted to remove the P-trap, the pipe simply started disintegrating.

I removed two clamps and the sleeve (Fernco pipe coupler). I tried to twist the damaged pipe and it does not turn. There is some water escaping outside from the bottom. The iron pipe looks rusty but touching it feels solid, it's not crumbling.

I'm thinking about possibilities that don't involve needing to spend money with a plumber:

• Remove the chrome pipe (by crushing, twisting)
• Install a PVC connector like this:
• Seal the PVC and the iron pipe with silicone

Would that be acceptable?

Thank you.