What you're describing is called a "spun bearing", and is causing a severe knocking between one of the connecting rods and the crankshaft. If you had stopped the engine immediately the repair could have possibly involved a new crankshaft, and a set of engine bearings, but due to the loss of oil pressure the pistons would have been scuffing on the cylinder walls too. That damage takes place within five or ten seconds. That's why you're supposed to stop the engine right away and coast to the side of the road. To keep driving does so much more damage that it requires a complete engine rebuild, or a used engine that you hope doesn't do the same thing.
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