Quick question? Have you got coilovers, if so wind them up and argue the point that it isnt that low. Also yeh the engine might turn over but top end damage, by any chance did u see 5th gear, they ran a car with no oil in last night, lasted about 1.5miles of being thrashed around a track before that seized up, if you switched it off quick enough light as soon as the oil light came on then hopefully all should be ok. But fingers crossed for you mate. Let us know how you get on with it.