you got 4.6iS - mine went south almost under same circumstances... Did you hear any strange noises coming from the engine bay before this happened? how about messages in the cluster? anything to the effect of "oil pressure low", "stop! engine"...
mine were the timing chain guides, that broke the engine casing, and basically killed the engine...
Daniel is right, if this thing is flashing, try not to start the engine for no reason...