Engine misfire Ford Mustang P0301 4.6 L V8?

So I was driving my car and half way over a bridge my engine light flashed and the oil pressure gauge was going from normal operating pressure to low pressure every time the engine light would flash. I know it's a cylinder 1 misfire, as it was doing this the power in the car was dropping dramatically and smoke came out of the passenger fire wall. I immediately turned the car off and coasted down the bridge and had it towed back home. Now as it sits the engine won't crank over it seems the starter is just hitting a brick wall. I tried to pull the harmonic balancer over to see if it was ceased without much luck, granted it could be on a compression stroke, I didn't try to hard on cranking it over by hand on the balancer. I hooked it up to my pc and got the stored codes from when it was running which came up as P0301 ( cylinder 1 misfire ) I know I should check spark and other ignition features but why would it cause the starter to stop all of the sudden? Any advice would be appreciated. I'm pretty good with working and trouble shooting cars but this has somewhat stumped me.

Added (1). It's a 2002 Mustang GT

Sdsd

One of the indications was saying low oil pressure. Now the engine won't turn over. Sounds like a seized engine to me. Forget about trying to check the ignition, did you check the oil? If not - go out there and check it right now. Let us know if you have any oil.

Keep in mind that it is possible to have oil in the reservoir but be so low that the dip stick won't touch it. If that's the case you have extremely low oil. Chances are very good you can suck air into the oil system. Air is a poor lubricant. And a drop in oil pressure may cause one end or the other to starve for oil (either cylinder #1 or #8). Since I don't know the oil route all I can do is guess but maybe the main oil pressure feed is up the back of the engine by cylinder 8, leaving #1 to be the last to receive oil. Same would be true of the cam shaft and lifters. It's possible the misfire was the result of valves in cylinder #1 failing to open sufficiently, leading to code P0301. Now that the engine won't turn over, I'm thinking you've lost that engine.

Regular maintenance isn't something you do every three months or so, it's always a good idea to check fluids such as oil and transmission fluids, brake fluid, power steering and the radiator. Check them weekly. Every Saturday morning is my ritual. Well, in the winter time I don't go out there as much, but at least once a month I have a look.

A couple weeks ago I noticed my wife's battery was resting at 11.4 volts. A sign of an old battery. I checked the date and the battery was over five years old. And she's never complained about difficulty starting the car, but I bought a new battery anyway. Why wait till she's out in sipan in pouring rain at 11:00 PM?

Regular maintenance is what prevents things like what has happened to you. Unless it was a catastrophic sudden failure, this may have been something you could have prevented.