Car runs hot and oil pressure drops! HELP

[97camRS]

Was driving my car Sat night and all of a sudden the temp goes passed 210 (which is rare for my car to do that), I stop to put water in it but water level was fine. I figure the temp gauge may be messing up. I continued to drive it when all of a sudden I start hearing a clanking sound, my temp went almost to the red and my oil pressure dropped to almost nothing. I pulled the car into a parking lot and it just shut off. I let the car sit over night and checked the oil, oil level was fine, water level was fine too.
The car did throw a code - DTC P0125 Engine Coolant Temperature (ECT) Insufficient for Closed Loop Fuel Control.

Any ideas if this code could be the cause of this or possibly an oil pump? I'm towing the car home tonight and hopefully can figure this out without having to take it to a shop.

[GinsuGuy585]

Re: Car runs hot and oil pressure drops! HELP

Thermostat, water pump, or something big came loose inside and is blocking your coolant hose somewhere.
Those are in order of easiest->hardest to fix.

I would give the coolant system a power flush ether way because the anti-freeze goes bad when it gets too hot (or so I've been told.)