Provided it is not knocking worst case senario a new oil pump. 1st area to get any damage usually is the head, camshaft will wear quickly.
have you tried taking off the oil filler cap with the engine running? you should see oil being flung around inside the rocker cover, if this is so then usually this means you have presure. which means the vehicle is showing a warning light becasue it may have a fault in the oil presure sender unit, so it may need a new one, well if it is the sender then it WILL need a new one. the main job of the oil pump is to pump oil upto the top of the engine, it then runs back down through the eingine due to gravity, pump then picks it up in the sump and the whole thing starts again [simplified version]
Have you checked oil level? if this is low it sometimes will cause the oil presure warning light to come on as there is not enough oil in the engine to push against the sender pin.
If the pump has gone and you have no oil presure at all then you will damage your camshaft, it will end up being scored, piston should be ok as they usually take thier lube from the sum, working on the "splash" effect however some are feed by the gravity effect so no presure no gravity effect, bottom end should be ok as well crank and big ends as they are draged through the oil in the sump, so your main problem area will be your top end as this is whole heartly feed by the pump so camshaft bearings mounts and lobes will be effected, the turbo could also be effected as it takes oil as well to lube it if I remember rightly so it may have runs the bearings/seals dry. Now that I have scared you to death!
1) make sure there is enough oil in the engine - if not top it up - and why not? leak maybe, or burnt off?
2) if is not making any undue noises, start it up and remove oil filler cap and see if you can "see" any oil through this cap - if you can then it is looking like your oil presure sender in broken.
3) if no oil up there then looks like oil pump has gone - in which case sorry!
