Check Oil Light and No Oil Circulation

[jalangst]

So, I finally got my transmission working perfectly and now this happens. I think someone is trying to tell me I'm not suppose to be driving it. So, I've noticed in the last couple of weeks that occasionally the Check Oil light would come on. When I saw it the first time I listened and heard nothing out of the ordinary. Just changed the oil and it's still on the full mark. I would stop the car and start it shortly later and the light would go off. It would only come on after starting on a occasion and then would usually got off after turning the car off and starting it again. I just figured it was a sensor problem. Well, it wasn't. I was driving it yesterday, did the same thing and then I finally heard it. No oil was being circulated. As soon as I heard the grinding I immediately turned off the engine. Through all this, the oil pressure is perfect. So, one would think it was the oil pump. But I've had the oil pump go out the oil pressure would read 0. Why am I getting perfect oil pressure but no circulation? I'm wondering if it had anything to do with the last oil change. Could a bad oil filter stop circulation but keep the oil pressure gauge up? Ideas please.