The oil light is a sign that catastrophic damage is about to occur - not a suggestion that one check one's oil level. If the oil pump is broken, and it sounds like it is, that means your engine ran for those ten seconds without lubrication between the moving parts - that means about 600 revolutions... You probably overheated the piston rings, though you may not have done any more serious damage - but continuing to run it definitely will. First find out if you've got oil pressure. Easy but messy way that comes to mind is remove the oil pressure sender from the block (sorry, I'm not sure where it is on a 122 - I'm a 240 guy) and put your finger over the hole. Have your friend crank the engine (without starting - ground the ignition lead) and see if oil pressure builds up and sprays oil past your finger. If not, dead oil pump & wounded motor. Don't drive it. If it does build up pressure, look for some electrical gremlins that would have caused it to stop running. So, 2 questions for you:
1) Was it a sudden stall, or a gradual loss of power? If sudden, maybe you're lucky and it's just something like a failing ignition switch. If gradual slowing, that was your engine seizing up from heat & lack of lubrication.
2)When you started it back up was the oil light still on? If it wasn't on when you got it running again then I would suspect a wiring/switch issue.
I've got my fingers crossed for you!
-Chris