Sounds like it's went the way of my Ford Focus, my second car. I was naïve back then when it came to cars, a happy little teenager with no mechanical sympathy or any appreciation of maintenance. I had no idea that older cars consume larger amounts of oil (or even that engines consumed any amount of oil) so I neglected to check oil levels regularly or even do an oil change in the 1.5 years that I had it (was probably 2 years since anyone had put any oil in their). It was boxing day 2004 when the engine blew up, I was pulling off my dad's drive (which joins straight onto a country road (national SL) and I was cocky enough to pull onto the road and pick my speed up really quickly before a van met with my back end, revving it to the red line between gears. There was snow on the sides of the road, it was 11pm and freezing cold, the engine was likely to have been a block of ice and I ragged it. There was bound to be loads of noises coming from the engine but I had my music blasting so we'll never know. Half way home, lost all power and there was a big cloud of smoke behind me. As I was grinding to a halt, I took another look at the cloud through my mirror and noticed bits of metal tumbling down the road and hitting the bar behind. Stopped, lifted the bonnet and once the ploomb of smoke dissipated, I could clearly see the big end sticking out the side of the crank case. Ouch.
Obviously, I've done some growing up since then.
So yeah, did you rag it from cold with no oil left in the sump?