Sounds like a textbook broken timing belt. Did you hear any noise when the thing quit, or did it just stop? If you can crank it freely now, then the valves are obviously not hitting the pistons...but that is not to say they never did. A new timing belt is only about $20, so as Shawn M says that would be the best way to find out what kind of shape the engine is in. Do a search and you will find lots of tips for replacing the t-belt. It is not a complex or difficult operation, but it is a little time-consuming if you have never done it before. You might want to change your water pump while you are in there, too. I replaced the t-belt on my '90 when I first got it (my belt was COVERED with deep cracks), and six months later had to tear the whole thing apart again to replace the water pump.

A pump will set you back about $40. Sounds like $50-$60 bucks worth of parts and an afternoon spent under the hood will get you going again. Good luck, and keep us posted. Regards, Aaron