Now everybody just hold on a minute here! Everybody is jumping the gun on this one.
You see the gray line that the pressure relief valve is mounted on? That is the interstage pressure pipe which connects the primary and secondary stage cylinders. If that relief valve is blowing, it means that the input reed valve for the secondary cylinder has failed and it's blowing back from that cylinder. There is nothing wrong with the relief valve - it is doing its job and it likely doesn't need replacing.
That pump I'm pretty sure is an ABAC/American IMC pump (as used by Belaire, Rol-Air, Harbor Freight, and a number of other compressor brands), possibly a model B4900:
http://www.i90enter.com/b4900-pump-parts/
Pull the head and inspect the reed valves, after using a gauge and verifying that the pressure in the interstage is over what the relief valve pops off at [edit - after reading above, it sounds like you have already done this, so pull the head].