Oil light turned on while driving, no engine power?

Okay, so the oil light (red one?) Came on while you were driving. Did it make any sounds as it lost power? Did it lose power slowly or rapidly? When you say it won't start, what does it do when you try to start it? Click? Nothing? Spins but doesn't start?
I don't believe that one has an oil level light only the one saying it lost oil pressure. If that is the case it is very possible that the engine has failed and will need to be rebuilt or replaced as the loss of pressure will let the internal engine components damage each other.
So, the first step will be to check the oil for level and for metals. Pull the dip stick and wipe the oil off on a clean piece of paper towel or paper. Now look under a light and tip the paper so you can see if there is any sparkle to it. If there is then it's likely too late.
Check those items and reply back and we can see what route to take.

Okay, if it was that low on oil it likely got hot and started to seize up. Unfortunately, the only thing to do at this point would be to add oil, then see if it starts, the low oil would cause low pressure and that can shut off the fuel system as it tries to prevent engine damage. With the oil added I would add a mechanical oil pressure gauge and see what it shows. If you get 40+ PSI it should let the pump work.