It's hard to recommend riding on a warped disk. You'll have a problem with brand-new pads, where there may not be enough room to accommodate their full thickness, and you'll rub on one side (or both) until the pad is worn down a bit.
Also, at speed, you'll probably notice a pulsation when you're braking, due to the warp. It may not be too bad, but if you're in a tough spot and need to brake very hard to get out of trouble, a pulsation due to the brakes just adds to your workload.
You're fortunate it's on the rear, and maybe it's acceptable for that reason. The front brake provides the majority of your braking, especially in a panic braking incident when your weight is transferred very hard to the front wheel. The front wheel has a lot of traction in that circumstance, the rear almost none.
But seriously, give some hard thought to replacing that disk when you have a few extra bucks lying around. Your brakes are your most important piece of safety equipment.