Generally, when the little red light comes on, you don't assume that it's the sensor that's bad. You have to assume that the sensor is doing its job, and that means when the red oil light comes on, your rod bearings are toasting, and you need to stop the damn car.
I would almost guarantee that you fried the rod bearings. If you didn't score the crank (unlikely), you'll get away with replacing the bearings and slapping yourself. If they did score the crank, it's new engine time. This can be a good thing, though, cos then you might as well convert to the 3.2 manual...
Oh, the SHO doesn't have rocker arms. He's assuming the engine is a pushrod design. The cams directly push down on the valves. It's rod knock. The more you run the engine, the more you damage the crank. Eventually, the rod bearing will spin completely, lodge itself in the rod, and seize the engine.
SO DON'T START IT AGAIN!
Take the oil pan off, inspect the damage. Have it TOWED to a shop if necessary. I hope you have a surfeit of cash handy, you might need it....
