Catastrophic Oil Leak - 2001 V70XC

I am new to Volovos. I recently purchased a 2001 V70XC @160,000 miles(Go ahead and take time to laugh before reading on, I'll wait).

Yesterday the oil light came on along with the stop now warning. When I checked my dipstick. there was no oil. The oil level was fine last weekend.

I saw oil seeping from under the skid plate. Four quarts later I read normal oil levels. I came home, under five miles. When I got home, the dipstick showed no oil.

The "leak" is somewhere on the left side of the engine. I say "leak" because I do not has a term that refers to all of the oil being ejected from the car in a short span of time(five miles!). I have removed the skid plate, and coil covers. There is a lot of oil under the car, but this coverage is due to the air flowing under the car spreading the flowing oil. There is a little oil under the coil covers, but just on the right hand side, like it was probably being spread under the drive-belt cover by the spinning belt and pulleys.

I followed my trail of oil this morning while walking my dog. The oil was only on my return drive side of the road, no oil leak on my previous drive away from home in the morning.

I just can not seem to see where the oil is coming from. Honestly I expected to see the oil filter cover or oil pan drain plug missing. Ever thread I have found speaks to small leaks, a drop or two here or there, not a complete oil dump. I am going to spend the next little while trying to mop up the oil from the surface of the engine, so that I may get the "leak" to repeat. But in the meantime, can anyone tell me of what may have caused this? Is there a hose that commonly comes completely off in the oil system? Is anything prone to rupture? It is just odd that NO oil was leaking before yesterday(this car is new to me, and I have been checking under the car for leaks for the past there weeks.

Thanks in advance for your help,

Patrick