2003 4.6is Timing Chain Guides and No Oil Flow

[frostyfx]

Well the other day I was casually stopped at a light where out of the blue I heard what I'm guessing the timing chain slapping around from a quiet noise to a really loud one and after a few seconds of that the car told me that there was low oil pressure and to turn off the engine. I had just started moving and took only about 10 seconds to turn off into a parking lot and kill the engine.
My question is why could the engine see low oil flow only a few seconds after the engine started to make noise? Also could I be looking at a spun bearing or anything like that?
This is the first car I have with a timing chain and please excuse the rooky question.

Since the sound slowly faded in and was not an instant BAM BAM BAM I'm guessing that I didn't jump the timing and the engine internals should be ok?

Another thing I came across while searching before posting my questions was the power steering whine that is supposed to give indication that the guides are close to failing. I can't find anywhere what kind of sound that is and how the guides failing could cause any kind of sound in the power steering.

I am hoping that next week it will warm up as it is -25 deg. C here right now so I will be able to drop the lower oil pan and check for pieces of plastic.

One other thing, if there are pieces of plastic in the oil is it possible they have blocked some of the oil passages in the engine or does the oil go from the suction right to the oil pump and right from the oil pump to the oil filter so if anything the plastic would get trapped in the oil filter?

Thanks again