jb, you've probably been told this already however your problem is the result of the unprotected serpentine belt getting splashed by H2O coming off the wheel. This was a common ailment of the "95 Contiques and early 96s. Fixing it is fairly straight foward, get a new belt, pick up a splash shield from Ford $38-43.00, the net $27-30.00, junkyard $10.00. They also suggest replacing belt tensioner, I think. This whole issue is well described in the FAQ section. That is a hell of surprise though, particularly tooling along at 65 when the storm hits.
good luck
mike