Is there a possibility of permanent loss of hearing due to tinnitus?

Is it possible to stay sane with permanent constant loud tinnitus?

It is awful :/ I wish it would go away

Tinnitus: are there any medications which get rid of it or reduce it?

Thanks.
I was recently diagnosed with something called TMJ http://en.wikipedia.org/wiki/Temporomandibular_joint_disorder and was told that this was causing my tinnitus? Due to head and temple pains have been referred for a brain CAT scan in a couple of days time.