Engine/Electrical issue -- Wife was.

Engine/Electrical issue --
Wife was driving when the engine light came on.
Pulled over, car still running.
Opened hood and saw 3rd Spark plug had blown from socket - Oil all over top of engine.
Saw a quick flash of fire.
Engine died while idling.

Ignition will turn engine but car will not start.

I attached a spark plug into the plug tube tried starting. No spark from spark-plug.

Power from battery is ok. Dash lights come on. Ignition works. No firing and will not turn over.

Checked all fuses.

A relative thinks it could be out of time but when attempting to turn over, the motor sounds fine - does not sound out of time.

I am assuming it is electrical - possibly at the Coil-pack on top of the motor, a resistor issue, or a voltage regulator issue.
I believe that since the car was running when it shut-down, that a spark from the blown plug, spiked on the engine block, causing an electrical short and the motor to shut down.

How can I trace this problem or how can I check to see if it is the in the electrical system?
Could it have jumped time and would that stop the plug from sparking when checking it out of the block?

Thank you for any help - we have been trying to figure this out for 2 months.