Drove my car with no oil, will it be ok?

The other day I drove my car about a half mile before I realized the oil gauge was all the way down. As soon as I noticed this I pulled over, shut off the car and checked the dip stick. There was no oil on the dip stick but I looked under the car and saw oil dripping. Since I was very close to home and could not get a hold of anyone I drove it back and kinda just let it coast home. Since then I have replaced the oil/oil filter. I have talked with my step father, who has had many years of experience in this field and he said it ll be fine b/c I did not drive very far. But I ask another retired mechanic and he said I will most likely need a new engine. As of now there is no knocking, but for a second it did feel as though I lost power but I believe this to be b/c of my alternator. My car is a 2001 Ford Mustang GT 4.6L with many performance parts. Anyone s opinion is greatly appreciated.

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