Hope someone has a thought other than what I am thinking...

Was driving on highway last night when oil light came on. Within 30 seconds, truck sputtered and died. Tried cranking and engine would almost half crank but didnt really turn. Replaced the AC compressor a month ago because it froze/locked up (bearings) and it acted almost the same way this time. Got it home, it was indeed low on oil, but actually started cranking. Added oil back, and put a battery charger on it. It now cranks fast.

I have checked all points in the belt travel and all are moving. I also shot ether to check for fuel. There is gas. I checked the fuel shutoff switch. Am I right in saying that this truck probably needs new timing components? I also disconnected battery just for grins and giggles. One person said that these vehicles have a shutoff switch if too low on oil. If so, is there a specific procedure for resetting this switch? Thanks for any help!!!