[Overdrive]

Flashing CEL, according to your owner's manual, means there's potential for a catastrophic engine failure if you don't pull over and shut down the engine ASAP, but you say it went solid, so obviously it didn't stay that way. It could be that the engine was vibrating in such a way that the computer thought there was a lot of knock or imbalance occuring. What was happening when the light started to flash? Were you in the middle of running through high RPMs? Decelerating? Idling? Was the car running any differently? Rough/Stumbling? Any strange noises or behavior from the car since? We need some more specifics of the situation when it happened and we need the codes so people on here can help you out.

To answer your question, yes, it has happened to people on here before and in some cases it didn't end well.

Either way, get the codes read ASAP and to be on the safe side don't run or drive the car until you know what they are. And if you have an owners manual, read through it.