Not sure about a sensor that disables the ignition system....I had an accident ($5,000 worth of front end damage) and my mustang started right up afterwards. Granted it wasn't a '97 it's an '01! If the early mustangs have this, then it is certainly something to look into though!
Sound like a wire came loose to me!
I would check all wiring in the engine compartment. I would also disconnect battery (if not already done) and disconnect your engine wiring harness. Then hook it back up and reconnect the battery!
Next I would check your connector to the pcm and make sure it didn't jar loose.
You could be in for quiet a troubleshooting experience here. It could be a number of things if it is a wire that either shorted or came loose!
Sure others on here will chime in with things to check......sorry I couldn't be more helpful but it really could be anything, certainly sounds like a short somewhere or a wire came off.
Does it attempt to crank over? Do some or all electrical assors. work (lights, stereo, ect...). Does your check engine light flash or come on at all when key is turned to the on position????
Just trying to narrow things down!!
2001 Ford Mustang GT: - 2v 4.6 Liter - 5 Speed (3650 Tremec) - Stock Wheels, Tires and Suspension - Charcoal Leather Interior
Mods: Stock Black Interior With Silver Trim, Mac CAI - Mac Long Tube Headers - Accufab Plenum - Accufab 70mm Throttle Body - Prochamber H-Pipe - MAC Exhaust - 5.0 Short Throw Shifter - NOS Wet Direct-Port Nitrous system (w/2600-6000rpm window switch) - Air/Fuel Gauge and Nitrous Pressure Gauge (A-Pillar mounted).
Future Mods: Supercharger (7-9psi), Roush Kit w/Exhaust