Engine failure?, no oil, idiot light, is this bad? Options

[tadink]

ugh -

coming down my road last night - just riding the compression down the hill -

flashing BIG red light above the fuel gauge, alternator light on too! Then all three red, green and big red flash together. I shut down and coasted to the bottom -

fired back up to get safe, started and ran, alt light on.

this morning - check the alt belt - fine and tight. Check the oil - barely registers on the dipstick and dark. Two days ago - clean and on the full mark!

uh oh.

1976 2.0L engine with the smog stuff removed. will have it towed to McMark and see what's up on SUNDAY -

This is bad, right? There's no knocking or clunking, and no evidence of a massive oil dump anywhere - bottom of engine not coated as far as I can tell. (IMG:style_emoticons/default/confused24.gif)

sigh - anyone have a spare 2.0L laying around you're not using?

what do guys think went wrong -

hoping for the best....fearing the worst.

td

[McMark]

Two options. Burned it or dumped it on the ground. Grab some cheap oil, fill it up (not full, but till you can see it's on the dipstick). Fire it up and see if the oil light goes out or if the oil dumps on the ground - 30s max. If the light stays on, but the oil doesn't dump, you may have an oil pump issue. If the light goes out and the oil doesn't dump you may have a major issue (bad rings or bad guides, etc). Oddly, the best scenario is the oil dumping on the ground. That can be fixed fairly easily. Pull the transmission and flywheel, drill and tap the gallery plug that came out (most likely) and install a threaded plug. Reinstall everything and life is good again.